Trammell Crow Partnership Opens Atlanta Mixed-Use Project – Commercial Property Executive
A partnership of Trammell Crow Co.; its residential subsidiary, Main Street Residential; and Georgia Advanced Technology Venturesa cooperative organization at the Georgia Institute of Technology, broke ground on the first phase of Science Square, an 18-acre planned neighborhood in Atlanta.
Formerly known as Technology Enterprise Park, Science Square will offer laboratory/R&D and residential developments, approximately half a mile south of the Georgia Tech campus. The first phase of Science Square will include Trammell Crow’s Science Square Laboratories, a 364,740 square foot Class A speculative laboratory/office tower, and High Street Residential’s 280-unit Class A residential building.
Conceived by Perkins + Willpowerthe 13-story Science Square Labs tower will feature floor plates of up to 35,558 square feet for building labs and cleanrooms.
The tower will feature ground floor retail space and an amenity package including a fitness center, conference space and indoor/outdoor tenant lounge with an opening catering kitchen on an outdoor pleasure terrace. Other features of the lab building will include tenant spaces with private outdoor space, indoor/outdoor collaboration areas, connection to Georgia Tech’s pedestrian/bicycle bridge to campus, covered parking, and storage space for chemical products.
Trammell Crow is seeking LEED and WELL certifications, and the project will include a 38,000 square foot array of solar panels atop the parking lot.
The developer also plans to build a floor of pre-built “graduate” speculative lab/office suites for growing life science companies.
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And as part of Trammell Crow’s partnership with Portal Innovationsthe life sciences venture capital firm will occupy an entire floor of Science Square Labs, providing fully equipped lab space, seed funding and management expertise for start-ups.
Conceived by Ruler Joy Trammell + Rubio, the 14-story residential building is HSR’s first residential development in Atlanta and will feature a mix of bachelor, one-, two-, and three-bedroom apartments. Amenities will include bike storage connected to the lobby, fitness center, yoga room, resort-style pool courtyard with club room, Sky Deck lounge and co-working space.
The building will also include an affordable housing component and ground floor retail. The first units are expected to be delivered in early 2024, with full completion later in the year.
Georgia’s strong life sciences market
In a late July comment, Chad Koenig, Atlanta managing partner for Cushman and Wakefield, said, “Georgia has enormous potential as a life sciences market, and the state has become a leader in life sciences opportunities in recent years.” He noted factors such as the state’s strong institutions of higher education and the presence of the US Centers for Disease Control and Prevention.
Koenig pointed out that in 2021, Georgian life sciences companies had a banner year for venture capital, raising a total of $255.8 million. Additionally, Georgian institutions have received $1.13 billion in funding from the National Institutes of Health since the start of 2021.
Regarding Atlanta specifically, Koenig pointed out that Scientific Boston and Modern announced plans to expand into the metro this year. He cited both Science Square and The Center for Global Health Innovation, TranswestThe repositioning of an Atlanta office tower for life sciences space, also near Georgia Tech, as “exciting projects with space coming later this year and into early 2024”.