ULI Picks Technology Square for Urban Excellence

ATLANTA-One-year-old Technology Square, located in a former blighted neighborhood at Fifth and West Peachtree streets in Midtown, is one of the 10 best examples of public-private redevelopment in the US, according to the Urban Land Institute.

The Washington, DC-based organization picked the $256-million project as an Award of Excellence winner for 2004. Georgia Institute of Technology and the Georgia Tech Foundation created and helped fund Technology Square. Jones Lang LaSalle was the master developer.

Opened in fall 2003, the 210,000-sf Technology Square Research Building is part of Kim King Associates’ 1.1-million-sf Centergy One office complex. The Georgia Tech building provides space for research, business and academics.

ULI judges hailed Technology Square as an example of how public-private ventures can turn around orphaned neighborhoods. ULI judges cited the project’s wide, tree-lined sidewalks, benches, bicycle lanes, shots, restaurants, a hotel, on-street and garage parking and public transportation.

In March of this year when it was only six months old, the Technology Square Research Building already had signed the Georgia Department of Industry, Trade and Tourism to a 30,000-sf lease for an estimated 10 years at an estimated aggregate effective rent of $6 million. The state agency moved into its new quarters in July. Meag Power Co., Georgia Power and Georgia EMC are also negotiating for space in the building that could bring it to 100% occupancy shortly, area brokers tell GlobeSt.com.

The first phase of the Centergy One complex, opened in October 2003, has a total 50,000 sf of retail in both the 700,000-sf Centergy One Building and the 210,000-sf Technology Square structure. When completed, the entire Centergy development will have 2.5 million sf of class A of office, retail and residential space, according to Cushman & Wakefield of Georgia Inc.

Kim King Associates and Gateway Development Services Inc. developed Centergy One. The University Financing Foundation Inc., a nonprofit Kennesaw-based group affiliated with Georgia Tech, owns Centergy One.