Cousins Properties Inc, purchased the American Cancer Society building in the late 90s for about $71 million – steal compared to the revenue it has brought in during the last decade and a half. Cousins is currently in an evaluation period with the building to determine if it would ultimately be more profitable to sell the building. The Downtown submarket has struggled to regain its footing compared to Buckhead, Midtown, and Central Perimeter, and Cousins is trying different approaches to create renewed interest in the building. Last year, Cousins branded the building as a multi-tenant data center, making it one of the largest in the Southeast. Unfortunately things didn’t quite come together as Cousins had hoped, and now they are looking for new strategies to combat falling rental rates and increased vacancy.
It looks as though the American Cancer Society will have a new target in the coming months – tech and media companies. We’ve written several articles over the past year about the number of tech companies and start-ups landing in Atlanta and their attraction to local talent, low costs of living, and impressive fiber connection networks throughout the city. Coca-Cola chose SunTrust Plaza for their new IT center, the Flatiron Building is being eyed by Scoutmob founder for a tech incubator, the Hurt Building is in talks with Georgia Tech about creating a start-up hub, and the new Ponce City market has already attracted two big-name tech clients – Cardlytics and athenahealth.
Cousin hopes that between the rebranding and proposed community improvements, the American Cancer Society building will see increased interest from prospective tenants. Major improvements to the Beltline as well as projects to increase walkability in the area have been announced in recent months, which act as an added draw for those shopping around for office space.Share