Greenstone Properties and Goldman Sachs Announce the Closing of Construction Financing and the Groundbreaking of 14th+Spring
Midtown Atlanta's newest office tower will be a High Performance Workplace where people Live | Work | Play
ATLANTA, Feb. 6, 2020 /PRNewswire-PRWeb/ -- A joint-venture between Greenstone Properties and affiliates of the Goldman Sachs Merchant Banking Division closed the construction financing and officially broke ground on an office tower in a new mixed-use development now being built at the intersection of 14th and Spring Street in vibrant Midtown Atlanta. Greenstone Properties is developing the 12-story, 312,000 square feet office tower. Concurrently, Crescent Communities is developing the multifamily tower, called NOVEL Midtown, consisting of 339 for rent luxury residences and the "jewel box" fronting Spring Street that will include a restaurant. A second restaurant is planned along Spring Street at the base of the office tower. The two towers will border a pedestrian friendly urban park with connections from Spring Street to Williams Street. An 840-space below grade parking deck is also being constructed. Delivery is scheduled for Summer 2022.
"Greenstone was first drawn to the high-profile site for numerous reasons, including first on, first off ingress/egress to the Downtown Connector, providing "future proof" access to the downtown connector, and unparalleled visibility to the 2.5 million cars passing the property each week," said Chris Scott, partner with Greenstone. "Additionally, tenants will benefit from the property's 93 Walk Score by walking to the adjacent new Whole Foods, the Arts Center MARTA Station, Four Seasons hotel and numerous other retail, dining, hotel and cultural establishments."
The office tower will be known as "14th+ Spring" and include highly visible signage opportunities facing the Downtown Connector, rooftop and lobby level terraces with unimpeded views of the Atlanta skyline, bike storage, valet parking service, highly efficient rectangular floorplates, LEED certification, intuitive security and highly efficient building operating systems. Leading the project's architectural team is HKS. The general contractor is Balfour Beatty. US Bank is the construction lender. More details can be found at http://www.14thspring.com.
NOVEL Midtown, will be a 14-story tower containing 339 for rent luxury residences and amenities including a sky lounge with unobstructed views of the Atlanta skyline, an elevated pool and spa, a café serving gourmet coffee and cocktails, and a state-of-the-art fitness center. Leading the project's architectural team is Niles Bolton and Associates. The general contractor is Balfour Beatty.
About Greenstone Properties
Greenstone Properties (http://www.getgreenstone.com) is a privately owned, real estate firm based in Atlanta, Georgia. Greenstone Properties principals have developed/acquired more than 50 office project totaling over 18 million square feet. In every case, Greenstone principals are personally engaged in the design, financing, leasing, management and development of each investment.
About Goldman Sachs Merchant Banking Division
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm's long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.
SOURCE Greenstone Properties
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