Portman Holdings, the Atlanta-based developer with over 60 years of experience developing over 50 million square feet of premium real estate across the world, announced this week that it had purchased the 27-story office building at 230 Peachtree Street. Portman first developed the 50 year old building in 1965 as part of the Peachtree Center mixed-use development. PCCP provided a senior loan to the Atlanta-based developer to purchase the property from Parmenter Realty Partners for an undisclosed amount.
"When I first developed the 230 Peachtree tower, I commissioned a Robert Helsmoortel sculpture for the plaza out front. It was titled 'Renaissance' to symbolize Atlanta's renewal," said John Portman, Jr., founder and chairman of Portman Holdings. "The sculpture, unfortunately, is long gone, but the 230 tower is once again set to help spark renewal in downtown Atlanta, and I could not be more proud or more pleased to be a part of it."
Portman plans to immediately begin renovating the property which, when completed in late 2015, will see a new 200-key Hotel Indigo® hotel occupy floors two through nine, with approximately 290,000 square feet of office space on floors 10 through 27. John Portman & Associates will provide architectural services for the development. The building will house the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city's best attractions, convention locations, business districts and more.
For more news and information visit Blumberg Capital Partners.
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