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Originally Posted by Triptychtwo
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This confirms a "RUMOR" I heard this weekend
Does everyone remember this story from the ABC that came out 1 month before the Amazon RFP?
City’s CRE biz buzzing over giant office prospect
https://www.bizjournals.com/atlanta/...-prospect.html
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Aug 4, 2017 - Atlanta's commercial real estate business is buzzing over the prospect of a 500000 to 600000 square-foot office project — and the mystery ...
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It is no longer a mystery now because my source tells me the prospect referenced in the ABC story above is no other than
Norfolk Southern and based on current information from the ABC and AJC it looks like Norfolk Southern is promising to bring an additional 1400 jobs to Atlanta and BUILD a HQ in Midtown as part of the Gulch project. Currently Norfolk Southern has approximately 2000 employees at their office in Midtown (pic below).
1200 Peachtree Street
Norfolk Southern's 1200 Peachtree office is 481K sqft and I believe they are at capacity. If Norfolk Southern does move their HQ to Atlanta, they would need a new building to accommodate approximately 3400+ employees. Additionally, Norfolk Southern would likely sell their Peachtree building to help fund the project.
For those that don't know when an investor and buyer wants to buy a property and/or building, they file/pay for an Open Record Request (ORR) with the City to get all the historical information on the property such as zoning details, liens, fines, taxes...etc. As expected someone has made an ORR for 1200 Peachtree on 9/7/2018 (see link below).
https://aca3.accela.com/ATLANTA_GA/C...howInspection=
Now for the interesting stuff
Where will Norfolk Southern build their new HQ and how big will it be? Again they have approximately 2000 employees in 481K sqft at 1200 Peachtree and they will need another +/- 150K for the additional 1400 employees or approximately 650K sqft. Given Norfolk Southern is in the railroad business, most likely they will be using a real estate developer to construct this new HQ. Can anyone name the project and developer who has a proposal that fits this profile?
Check back shortly and I will give you the answer......
