Georgia State University Foundation Closes on Park Place Property

DOWNTOWN — The Georgia State University Foundation said Monday it closed on its $33.5 million purchase of the building at 55 Park Place.

The acquisition of the 19-story building, which continues the university's expansion of its Downtown footprint, adds almost 560,000 square feet of office space under the GSU aegis.

“When the building at 55 Park became available, it was clear to all of us that the location, space and overall quality made it a fantastic acquisition for Georgia State,” Mark P. Becker, the foundation's president, said in a statement.

“One of our biggest assets as a university is our ability to put both students and faculty squarely in the middle of this city’s business and governmental activity, and this new property makes that asset even more valuable.”

The acquisition of the site, formerly known as Georgia-Pacific Plaza, means Georgia State’s footprint will now include the entire eastern side of Woodruff Park. To the south of 55 Park Place, just across from Auburn Avenue, is the former SunTrust Building at 25 Park Place, which the foundation purchased in 2007. To the north is space the university plans to use for new buildings for the Robinson College of Business and the law school.

The building already is home to 12 tenants, who will remain through the expiration of their leases, the university said.

“The mission of the Georgia State University Foundation is to help and support the university,” foundation board chairman Kenneth L. Bernhardt said in a statement.

“Not only will this property pay important near-term benefits for our students, faculty and staff, in the long term it will further solidify Georgia State’s status as an important driving force for downtown Atlanta.”