Phipps Tower facts for kids
Phipps Tower is a tall office building with 20 floors located in Buckhead, a part of Atlanta. It stands right next to the Phipps Plaza shopping mall. A company called John Hancock Life Insurance Company owns and takes care of the building. It sits on a piece of land about the size of three football fields.
Building History
In 2007, a company called Crescent Resources shared plans to build a new office tower in Buckhead, possibly named Phipps Tower. Two companies, Manulife Financial Corp. and Crescent Resources, worked together to design the building. The construction was finished in 2010.
When the plans were first announced, some people who work in real estate in Atlanta were a bit surprised. Douglas Sams from the Atlanta Business Chronicle said it "raised eyebrows." This was because they worried there might already be too many office buildings available in the area.
Early Tenants and Leases
In March 2010, another company, Northwestern Mutual, was thinking about renting office space in the tower. By June of that year, they were close to signing a deal. However, in June 2010, the tower only had one tenant, Speakeasy Inc. They were renting about 13,300 square feet, which meant only 3% of the building was rented out at that time.
In October 2012, the Atlanta Business Chronicle reported that Carter's Inc., a well-known clothing company, was likely to move its main office to Phipps Tower. Also in October 2012, CoStar Group announced that its Atlanta office would move there. They signed a lease to rent 26,800 square feet for 11 years.
Carter's Headquarters Move
In December 2012, Carter's Inc. officially announced they were moving their headquarters from The Proscenium building in Midtown Atlanta to Phipps Tower. This was a very big move, as they rented 222,730 square feet of space. This was one of the largest deals for a company headquarters at the time.
Carter's also brought together jobs from other states into this new Atlanta location, adding 200 new jobs in Buckhead. Interestingly, Manulife Financial Corp. owned both The Proscenium and Phipps Tower. This made it easier for Carter's to end their lease early in one building and move to the other.
Who Works There?
Several companies and organizations have offices in Phipps Tower. Here are a few:
- Consulate-General of Japan, Atlanta - This is like an embassy for Japan in Atlanta. They rent space on the 8th floor.
- Ethos Capital Partners - This company also rents office space in the building.
