The Georgia State University Foundation announced this week that it had closed on its $33.5 million purchase of 55 Park Place, formerly known as Georgia-Pacific Plaza. While terms of the deal were not disclosed, the Foundation did note that . about a dozen current tenants of the property will remain until their leases expire.
"When the building at 55 Park became available, it was clear to all of us that the location, space and overall quality made it a fantastic acquisition for Georgia State," Mark P. Becker, the Georgia State University Foundation's president, said in a statement. "One of our biggest assets as a university is our ability to put both students and faculty squarely in the middle of this city’s business and governmental activity, and this new property makes that asset even more valuable."
With nearly 560,000 square feet over 19 floors, 55 Park Place dramatically increases Georgia State’s office space. To the south of 55 Park Place, across from Auburn Avenue, stands the former SunTrust Building, according to an Atlanta Business Chronicle article. The Foundation purchased that tower in 2007. To the north, the university is already planning new buildings for its business college and law school.
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