Eldridge Capital Management has provided a $278 million loan to refinance Ten Twenty Spring, a Class A office building in Atlanta owned by Portman and funds affiliated with Blackstone Real Estate.
The 25-story property contains approximately 540,000 square feet of office space and includes floor-to-ceiling windows, panoramic views, private office terraces, a coworking lounge, retail space, historic gardens and multiple dining and entertainment amenities.
Ten Twenty Spring is located in Atlanta’s Midtown neighborhood near the MARTA Midtown station, Interstates 75 and 85, and Hartsfield-Jackson Atlanta International Airport.
The building has attracted tenants including Ernst & Young, Reed Smith and Pinnacle Financial Partners. Pinnacle plans to establish its new corporate headquarters across five floors at the property.
Japanese restaurant Sozou, led by chef Fuyuhiko Ito, is also expected to open on the ground floor.
Eldridge has supported the property since its construction and said the refinancing reflects its confidence in the asset and its leasing momentum.
Since 2014, Eldridge’s real estate credit platform has originated more than $12 billion in loans across the United States, United Kingdom and Europe.
KEY QUOTES:
“Having supported Ten Twenty Spring since construction, this transaction demonstrates our belief in the asset and the significant demand it has continued to attract.”
Daniel Weisen, Senior Director at Eldridge Capital Management
“The leasing momentum we have already seen at the building speaks to the caliber of the team’s execution and solidifies it as one of the most competitive office assets in the market.”
John C. Portman IV, President of Portman
