Invesco to Anchor MetLife’s Midtown Union Project
Invesco, which last week completed the acquisition of MassMutual’s asset management affiliate OppenheimerFunds in a deal reportedly valued at $5.7 billion, will be adding 500 jobs and investing $70 million as part of its major expansion in Atlanta.
ATLANTA—Investment management firm Invesco is expanding its global headquarters here and will be the anchor tenant at the future Midtown Union development project here.
Invesco, which last week completed the acquisition of MassMutual’s asset management affiliate OppenheimerFunds in a deal reportedly valued at $5.7 billion, will be adding 500 jobs and investing $70 million as part of its major expansion in Atlanta, according to an announcement by Georgia Gov. Brian Kemp.
The size of Invesco’s lease commitment at Midtown Union was not released. A spokesman for the developer, MetLife Investment Management of Whippany, NJ and Granite Properties of Plano, TX, refused to release the size of Invesco’s commitment at the planned 26-story 606,000-square-foot office building to Globest.com.
“Invesco’s steadfast commitment to Atlanta is a great example of the Georgia success story, and I am pleased to be able to share this incredible announcement,” said Gov. Kemp. “Georgia’s unmatched pro-business environment has repeatedly served as a magnet for many global headquarters, but there is no greater endorsement than when one of our own chooses to grow and invest in the Peach State.”
Invesco’s presence in Atlanta dates back more than 40 years to 1978, when its assets under management totaled $400 million. Invesco moved its global headquarters to Atlanta in 2007.
“We’re excited by the opportunity to build on our 40-year presence in the city and meaningfully expand our local team to nearly 1,200 professionals, which will enhance our ability to meet client needs here in Atlanta and across the globe,” said Martin L. Flanagan, president and CEO of Invesco. “We’re also pleased to join MetLife Investment Management & Granite Properties in the development of one of Atlanta’s premier locations at the corner of 17th Street and West Peachtree Street.”
He added that the firm intends to make “a significant, $70 million investment in our business here for the benefit of our clients, employees, and shareholders, while continuing to play an active role in our community.”
Invesco, which now after the OppenheimerFunds deal is the sixth-largest retail asset manager in the US and 13th-largest investment manager globally with $1.2 trillion assets under management, currently maintains its global headquarters at Two Peachtree Pointe at 1555 Peachtree St. in Atlanta and will relocate to the Midtown Union property upon its completion in 2022.
Invesco employs more than 650 professionals in Atlanta and has more than 8,000 employees in 25 countries.
Robert Merck, senior managing director and global head of real estate and agriculture, MetLife Investment Management, said, “We’re excited that Invesco has chosen Midtown Union to expand its global headquarters and play an even larger role in the local Atlanta community. Midtown Union, once complete, will offer a range of attractive amenities and further cement the area as one of the most desirable local precincts for growing companies in Atlanta.”
Midtown Union, a major mixed-use property development spanning 8.5 acres in Atlanta at the gateway to Midtown at 17th Street and West Peachtree Street. The office building, designed by Cooper Carry, is the first phase of a multi-phase development in Midtown Atlanta location. Granite will also serve as development partner for the project.
“Midtown Union is an innovative and sustainable mixed-use development offering a high-quality work environment with unique experiences and modern amenities, including a roof deck, customer lounge and fitness center to foster a vibrant, collaborative and productive office community,” said John Robbins, senior managing director of Granite Atlanta.
JLL is working with MetLife Investment Management and Granite Properties on the transaction, with CBRE representing Invesco.