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$150 million for renovations and 600 new jobs in Atlanta

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Staff writer ▼ | March 18, 2016
Mayor Kasim Reed and the Invest Atlanta approved a resolution to issue up to $150 million in lease purchase revenue bonds to finance major renovations to the Georgia-Pacific building in downtown Atlanta.
Georgia   Renovations to the Georgia-Pacific building
Georgia-Pacific will reconfigure 23 floors of its headquarters building. The company cited the ability to acquire, reconstruct and install the improvements as a major factor in its decision to maintain 2,600 employees in Atlanta and add up to 600 new jobs.

“Georgia-Pacific is a vital part of the Atlanta skyline and the Atlanta business community,” said Mayor Reed. “Through the support of Invest Atlanta, this major employer is able to maintain its headquarters in downtown Atlanta and add up to 600 new, well-paying jobs.

“The renovations will modernize the company’s offices, making Georgia-Pacific more attractive to younger, tech-savvy workers, and will also support our goals of making Atlanta a top-tier city for sustainability through water and energy conservation efforts.”

The average salary for Georgia-Pacific’s new jobs is approximately $100,000 per year. Additionally, the renovations will allow the building to accommodate up to 700 additional jobs through leases with other companies, supporting the acceleration of commercial and residential density in downtown Atlanta.

The new, open-concept design is an important part of Georgia-Pacific’s plan to attract and retain new talent in Atlanta.

The Georgia-Pacific building is 52 stories high and was completed in 1982; for the next five years it was the tallest building in Atlanta. The building sits on the Atlanta Streetcar route and is MARTA accessible through the Peachtree Center station.

Since plans for the Atlanta Streetcar route were announced, more than $2 billion in new investment has occurred within a five minute walk, including the new Post apartment development alongside Centennial Olympic Park.

Invest Atlanta is the economic development arm of the City of Atlanta. Mayor Reed is chairman of the board of directors. In 2015, Invest Atlanta’s efforts resulted in 13 businesses relocating or expanding major operations in the City of Atlanta, creating more than 12,000 jobs within the city.