Atlantic Station Breaks Ground on 425,000-SF Office Tower

ATLANTA-After reaching the 50% pre-leasing level, AIG Global Real Estate Investment Corp., a division of the American International Group of New York, and Atlanta developer James F. Jacoby have broken ground on the first office tower in the planned $2 billion, mixed-use Atlantic Station venture in Midtown.

The 20-story, $75 million structure is called 171 17th Street to blend with the new $38 million, 17th Street bridge over Interstates 75 and 85. The building is tentatively scheduled for completion in April 2004.

Triggering the ground-breaking were the first two office leases signed by the developers. SouthTrust Bank of Birmingham, AL is taking 95,000 sf to house 300 employees on the first five floors of the building. Atlanta law firm Arnall Golden Gregory LLP is leasing 135,000 sf for its 130 lawyers and staff on the top seven floors.