NCR, Cousins Open $450M Global Office Campus in Midtown Atlanta

by John Nelson

ATLANTA — NCR Corp. (NYSE: NCR), an ATM maker and financial tech firm, and Cousins Properties have opened NCR’s two-tower global office campus in Midtown Atlanta. Development costs comprising both private and public investment are estimated at $450 million.

The 750,000-square-foot development is situated at the corner of 8th and Spring streets and is expected to house roughly 5,000 employees, who will begin moving into the first tower today, with the second tower opening later this year.

“This campus symbolizes the power of reinvention, says Bill Nuti, chairman and CEO of NCR, which moved its headquarters from nearby Duluth in Gwinnett County. “Our move to Midtown is part of our vision for transforming Atlanta into the Silicon Valley of the East.”

NCR and Cousins Properties (NYSE: CUZ) entered a long-term, build-to-suit lease for the campus, which will be owned by Cousins. Construction of the first 20-story tower began in November 2015, and in September 2016 NCR announced it would expand the campus and build a second 14-story tower.

“We are proud to have helped NCR achieve its vision for a new cutting-edge corporate headquarters in Midtown,” says Larry Gellerstedt, chairman of the board and CEO of Atlanta-based Cousins Properties. “This level of investment in Midtown Atlanta by a global technology leader helps to highlight the bright future for our city.”

NCR partnered with the Georgia Department of Economic Development and Invest Atlanta on the development of the campus.

“NCR is already making a significant impact in the state’s technology industry sector, and the company will reap the benefits of having its headquarters in this thriving technology cluster near our universities,” said Georgia Gov. Nathan Deal. “NCR’s growth and expansion further proves that Georgia is on the minds of high-tech job creators.”

“I am pleased that NCR has chosen the City of Atlanta for its new headquarters,” added Atlanta Mayor Keisha Lance Bottoms. “Atlanta is a global technology center that offers companies access to top talent, renowned research institutions and advanced technology infrastructure.”

Designed by Gensler, the campus features amenities as dining options and outdoor seating, coffee bar, gym, informal spaces and a large lecture space.

Founded in 1958, Cousins Properties develops and owns Class A office properties in high-growth, Sunbelt markets. According to Cousins’ November 2017 investor presentation, the REIT’s portfolio spans 14.2 million square feet in Atlanta, Charlotte, Austin, Phoenix and Tampa.

Established in 1884 as a manufacturer of cash registers, today NCR enables nearly 700 million transactions daily across financial, retail, hospitality, travel, telecom and technology industries. The company employs about 30,000 workers and does business in 180 countries.

NCR’s stock price closed on Friday, Jan. 5 at $34.30 per share, down from $42.09 per share last year.

— John Nelson

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