Portman Holdings has secured financing for its $150 million, 21-story state-of-the-art office development for leading healthcare provider, Anthem, Inc. (NYSE: ANTM) in Atlanta’s Technology Square. PCCP contributed equity financing and SunTrust was the lead lender. Regions also served as a lender for the project.
Anthem Technology Center is a 352,000-square-foot build-to-suit building near Georgia Tech in Midtown Atlanta. It will be a hub for about 3,000 multi-disciplinary IT professionals dedicated to creating new capabilities that will enhance the consumer health care experience, improve the quality of care, and lower health care costs. Located near Anthem’s Innovation Studio and Portman’s under-construction CODA tower, the Anthem Technology Center will be situated in a highly concentrated area that has become known as an innovation hotbed with research facilities, incubators, technology start-ups and the Georgia Institute of Technology campus.
“Portman is delighted to partner with Anthem, PCCP, and SunTrust to create another significant development in Midtown Atlanta. The Anthem Technology Center will complement CODA and further cement Midtown as the focal destination for businesses that are focused on collaboration, recruitment, and positioning,” said Ambrish Baisiwala, chief executive officer of Portman Holdings.
“PCCP is pleased to provide a portion of the equity for the development of this property, which will provide a high quality, well-located office building for a superb tenant. We are excited to close on our third transaction with Portman Holdings, a best-in-class developer with a successful 60-year track record,” said Kevin Chin, Senior Vice President with PCCP, LLC.
“SunTrust is honored to work with Portman Holdings to help make Anthem’s planned Midtown office tower a reality,” said Joe Pella, Georgia market manager for SunTrust Commercial Real Estate. “This deal brings together three iconic organizations for a momentous development in one of Atlanta’s most desirable sub-markets. I’m looking forward to the many ways it will contribute to the vibrancy of West Peachtree Street and Atlanta.”
In addition to providing the financing for the development, SunTrust will also open a full service branch inside Anthem Technology Center.
John Portman & Associates designed the building and provided Anthem the opportunity to create spaces that support its progressive and collaborative work style. More than 14,000 square-feet of terrace area will allow for an inviting green space, bringing the outside in, to support health and wellness. As part of the LEED- and Fitwel-certified design, Anthem placed an emphasis on energy and water efficiency, indoor environmental quality, and active design standards. The building will also include 7,000 square-feet of retail space and alternating two-story spaces connected by a staircase to promote collaboration. Groundbreaking is slated for Feb. 21, 2018, and construction is expected to take two years to complete.
