New Law Building Closer to Reality as Ga. State Foundation Announces Purchase of Bank Property
November 14, 2006
Current SunTrust Office Tower Georgia State University President Carl V. Patton announced Nov. 10 that the Georgia State University Foundation, Inc., will purchase the SunTrust Bank, Atlanta property adjacent to the campus. The $52 million purchase of the two-block area includes the 26-story office tower at 25 Park Place, a three-story bank building, a six-story annex building, a four-story vacant building and an eight-story parking deck. SunTrust will lease the property back from the university for up to five years.
“As Georgia State continues to grow,” Patton said, “the need for more space has become crucial. The acquisition of the SunTrust property will help alleviate the tremendous shortage the university has in office and classroom space. We applaud SunTrust for being a great downtown partner in supporting this transaction that will help advance Georgia State's master plan and our standing as a major research university.”
Patton also announced that, pending Board of Regents approval, the eastern portion of the site will be developed as a professional education center for the university's College of Law and J. Mack Robinson College of Business. The center would include buildings for law and business, a classroom building and an auditorium. He said that the synergy of building a center that merges law and business colleges is somewhat unprecedented, however, the integral relationship in society between law and business will likely see other institutions follow Georgia State's lead. This new center at Georgia State would make it one of the few universities in the country which would meld these disciplines in a shared complex.
"The transaction announced today provides SunTrust the flexibility to address its future Atlanta office space needs consistent with our historical - and continuing - commitment to remain a major employer, with a major and visible presence, in the city of Atlanta. We are especially pleased that it simultaneously helps Georgia State achieve its goal of expanding the higher education opportunities available in our community," said Gary Peacock Jr., president and CEO of SunTrust Bank, Atlanta. SunTrust predecessor institutions have been based in downtown Atlanta since 1891 and, Peacock said, "our expectation is that this will continue to be the case for long into the future."
College of Law Dean Steven Kaminshine said the announcement is exciting news and represents great opportunities for the law school and the University.
“The College of Law needs a new and identifiable building befitting its status, and the SunTrust site announced today offers an excellent location for this undertaking,” Kaminshine commented. “Configuring the site as a professional center for both law and business will offer attractive opportunities for interaction and collaboration between our two colleges. We look forward to providing additional information and updates as progress continues.”