Cushman & Wakefield announced today that the Georgia Institute of Technology (Georgia Tech) has selected the firm to be the real estate advisor for the Institute’s planned 24-story, 695,000-square-foot High Performance Computing (HPC) Center for Modeling and Simulation.
Cushman & Wakefield’s Frank Mann and Tony Zivalich will lead the project team and provide Georgia Tech with strategic development advisory services.
“Our role will be to help ensure that the Institute’s vision is realized, with the center serving as a global hub for innovation and economic development,” said Mann, a Senior Director within Cushman & Wakefield’s Atlanta office.
“By building consensus amongst various stakeholders, we will enable a public/private partnership that balances the project’s financial, design, and operational goals with the unique opportunities of Midtown and the realities of the capital markets,” added Zivalich, also a Senior Director with the firm.
“When reviewing firms, we wanted a team that understood that this is more than a real estate deal, but an opportunity to create an ecosystem that takes innovation, computational and interdisciplinary research to the next level,” said Ron Hutchins, Chief Technology Officer for Georgia Tech.
“We look forward to moving on with the next phase of Technology Square and making this one of the most exciting, sustainable centers of innovation through a unique private/public partnership,” said John Majeroni, Executive Director of real estate development for Georgia Tech.
After analyzing feasibility and confirming demand for the HPC center, office space, street-level retail, parking, and other components of the mixed-use project, the Cushman & Wakefield team will be supported by Mike Ryan, a Senior Managing Director within the firm’s Equity, Debt & Structured Finance practice, and Nan Loudon, Managing Director of the company’s project management group. The advisory team includes EDI, Ltd., an IT consulting firm focused on data center programming; AHA Consulting, an engineering firm that will provide leading-edge, sustainable, data center infrastructure design; and Trinity Program Management, which will assist with development oversight and coordination.
This mixed-use facility will be the new home for Georgia Tech’s computer-based research programs and will also serve the private sector by providing state-of-the-art space for computer, data center, and other high-tech operations. The HPC Center will be the latest large-scale development at Technology Square, an award-winning, 1.4-million-square-foot Georgia Tech-sponsored district that includes the Scheller College of Business, the Georgia Tech Hotel and Conference Center, the Centergy office building, and several stores and restaurants, including Barnes & Noble and Starbucks.
“Cushman & Wakefield is proud to be selected as the real estate advisor for this important phase of development at Technology Square,” said John O’Neill, Senior Managing Director and Atlanta Market Leader for Cushman & Wakefield. “This project will enable Cushman & Wakefield to leverage its highly experienced real estate professionals and comprehensive services platform to enable the next milestone development for Technology Square, while serving to strengthen Atlanta’s status as a high-tech hub and spur business growth in Atlanta.”
The mixed-use High Performance Computing Center is part of Georgia Tech’s vision to solidify Technology Square’s status as Atlanta’s pre-eminent hub for technology- and science-based companies, while building on the “Main Street” feel of the square by adding additional ground-level retail.
The conceptual plans for the project, which could be revised following the feasibility stage, include:
• 480,000 square feet of office space (20 floors)
• An 80,000-square-foot high performance computing center
• 35,000 square feet of retail and lobby space
• A 100,000 square-foot parking deck
Subject to Board of Regents approval, Georgia Tech will enter into a long term-lease for approximately 50 percent of the building. The developer will own the facility and lease the remaining space to private companies with computer, data networking, and other technology needs.
Cushman & Wakefield will begin the feasibility phase in late 2013. The project developer is expected to be selected in mid-2014, and the facility is scheduled to be completed in early 2018.
Steve Webb – The Gove Network
(404) 933-8685 – email@example.com