Midtown Office Building to Become Tech Hub

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Midtown is quickly becoming the heart of the city’s tech industry, and more and more companies are looking to cater to the numerous tech companies being born in or flocking to the area.

The latest such move comes from real estate firm Carter, which has closed on the purchase of the 10-story building at 715 Peachtree St., one the home of J.C. Penney’s regional headquarters. Atlanta Business Chronicle reports that the sale price was in the $40 million range.

The Chronicle says that Carter and Pacific Coast Capital Partners will renovate the building to make it an attractive space for companies coming from the Advanced Technology Development Center (ATDC) in nearby Technology Square.

The ATDC is an incubator facility, giving startups the chance to grow and excel in the field. Carter and Pacific Coast hope that once tech startups ‘grow out of’ the ATDC that they will choose to become tenants at 715 Peachtree, the Chronicle says.

The partners shouldn’t have a hard time finding tenants. Just this year, Orthopedic technology company Bauerfeind USA announced it will lease 7,000 sq. ft. in Promenade at 1230 Peachtree St., WorldPay US announced plans to open an innovation center at the Advanced Technology Development Center, and Georgia Tech was given permission to begin work on a huge mixed-use high-tech expansion that will come to dominate Technology Square.

Georgia Southern also announced earlier this year that it plans to create an innovation lab at Technology Square, while NCR made the decision to relocate its headquarters to a site near Technology Square by 2018 and bring close to 4,000 new jobs to Midtown.