Historic Atlanta High-Rise Lands New Tenant
- Apr 24, 2018
Herzing University has signed a 30,000-square-foot lease to occupy a full floor at the Hurt Building, a historic Atlanta office property owned by a joint venture between Gamma Real Estate and Meltzer Properties. The tenant plans to move from its current location in Buckhead’s Lenox Square shopping mall near the end of the summer. JLL represented the owner in the transaction, with Cushman & Wakefield acting on behalf of the tenant.
Located at 50 Hurt Plaza S.E. in Atlanta’s central business district, the 436,340-square-foot Hurt Building rises 18 stories adjacent to Georgia State University’s main campus. Numerous bus routes operate within a block of the property, and Interstate 85 runs half a mile east of the asset.
The building’s vacancy rate was 11.8 percent in February, according to Yardi Matrix data. The largest office tenants in the property include the Grady Health Foundation, Gamma Real Estate, Gardner Spencer Smith Tench & Jarbeau and TJFACT. Starbucks also operates in the structure, along with an 18,000-square-foot event space.
Historic building, modern efficiency
In October 2017, the owners began renovating the 1913-built asset. The $4 million capital improvement project is anticipated to be completed in May 2018, adding a tenant amenity floor, along with a fitness center and conference facilities. In 2014, following earlier improvement work by the previous owner, Boxer Property, the building earned the coveted LEED Platinum certification.
“As one of the nation’s earliest skyscrapers, the recently renovated Hurt Building combines modern amenities with historic charm and truly exemplifies the spirit of Downtown Atlanta,” said Jonathan Kalikow, president of Gamma Real Estate, in a prepared statement. “Herzing’s choice to occupy a full floor of this building and bring their students and employees to the area is a testament to Downtown Atlanta’s revival, and we’re thrilled to welcome a new wave of talent to the community.”
Images via Google Maps and courtesy of Yardi Matrix