Greenstone Properties JV Completes Midtown Atlanta Office Tower

14th + Spring. Image by Brian Gassell Photography

Greenstone Properties, in a joint venture with Goldman Sachs, has completed 14th + Spring, a 12-story, 324,000-square-foot office tower in Midtown Atlanta. Balfour Beatty served as general contractor.

The developers broke ground on the development in 2020, with HKS leading the project’s architectural team. CommercialEdge information shows US Bank provided a $84.7 million construction loan.

Sited at 1150 Spring St., at the corner of 14th and Spring streets, the Class A+ office building provides convenient vehicular access to and from the Downtown Connector. 14th + Spring also features 5,120 square feet of ground-level retail.

The office tower is part of a larger mixed-use development that also comprises Crescent Communities’ NOVEL Midtown multifamily community, which has also reached completion. The buildings share an 850-space underground parking garage.

A third-quarter Atlanta office market report from JLL hints that 14th + Spring might have been completed not a moment too soon. “Developments from Atlanta’s massive pandemic-era construction pipeline have started to deliver, contributing to 2 million square feet of new supply, the largest quarterly delivery total since 2001,” the report states.

Unsurprisingly, vacancy is up, to a total of 22.7 percent in the CBD. Although roughly half the space in the new deliveries has been preleased at completion, JLL notes that “direct vacancy, particularly in Midtown, has been elevated by construction completions with significant vacant blocks.”

Atlanta’s recent big office deal was the acquisition of Atlantic Yards, Microsoft’s office campus in Midtown, estimated to be worth $500 million. Global Atlantic Financial Group bought the trophy asset from Hines and Invesco Real Estate.

Luxury homes next door

NOVEL Midtown is a 14-story, 360,000-square-foot residential tower comprising 340 luxury residential apartments with studio, one-, two- and three-bedroom floorplans. Amenities include a 14th-floor skydeck with indoor and outdoor social spaces; a resort-style spa with a steam room, jacuzzi and showers; and a 3,000-square-foot fitness club featuring a separate yoga room.

The building also includes about 3,200 square feet of ground-level retail. A plaza includes multiple outdoor gathering areas, a ride-share lounge, fitness center and resident coffee bar.