Friday, March 30, 2012

SunTrust Ga. HQ to move to Campanile Building

Workers were removing scaffolding in front of the building Thursday at 1155 Peachtree St
after putting up the SunTrust sign

photo credit: NEXT STOP...DECATUR

Reprint from ajc article dated Aug. 2011

The Atlanta Journal-Constitution
By Rachel Tobin

Just weeks after losing one prized lease deal, John Dewberry’s Campanile building in Midtown signed another: SunTrust Banks Inc.
Starting in April or May, the Georgia division of the Atlanta-based bank will relocate 350 employees to the former BellSouth headquarters building in Midtown from 25 Park Place downtown.

The bank will take five of the lower floors of the 21-story Campanile, bringing the building to 50 percent leased. The deal includes signage on the lower portion of the building at 1155 Peachtree St.

Dewberry bought it last year out of distress with a loan from Georgia’s Own Credit Union, also a building tenant. They paid $36 million for what then was a mostly vacant but ritzy building BellSouth had built with all the trimmings of a headquarters.

For Dewberry, the SunTrust deal is great news after law firm Morris, Manning & Martin cancelled its decision to move there, deciding to stay in Buckhead.

For SunTrust, the move is part of a major real estate realignment that will affect 1,250 employees here. About five years ago, the bank sold its 25 Park Place tower to Georgia State University. The bank plans to move 500 employees to the Portman-designed SunTrust Plaza complex at 303 Peachtree St. and 400 employees in the SunTrust Robinson Humphrey investment banking unit out of SunTrust Plaza and into Atlanta Financial Center in Buckhead. After all the moves, SunTrust will employ about 5,000 in downtown and Midtown and another 950 in Buckhead.
full story at ajc

No comments: