As Georgia Tech's Science Square nears completion, it seeks more tenants
From university spinoffs to publicly traded life science companies, activity is swirling around Georgia Tech's $1 billion development Science Square.
But with the 18-acre project's completion set for March leasing has been slow. Venture capital company Portal Innovations is building out 33,000 square feet of lab and office space. Otherwise, no leases have been signed. Katherine Lynch, principal for master developer Trammell Crow Co., remains optimistic.
Georgia Tech is the catalyst, she said.
“Having that connection with Georgia Tech is everything,” Lynch said. “That's what companies asked about. … They’re looking at that connectivity to talent.”
The Eye
The second floor of the new 13-story building will link with a planned pedestrian and bike bridge connecting Science Square to the Georgia Tech campus. One leading proposal for the bridge, nicknamed "the eye," was designed by two students as part of a graduate class at Georgia Tech.
The bridge is already listed in Tech's comprehensive campus plan, released last month. However, the university has not yet solidified detailed plans for building the bridge, said Blair Meeks, assistant vice president of communications for Georgia Tech.
"Georgia Tech leadership is committed to this idea. It’s part of our mission to become more connected throughout the community," Meeks said. The university is currently working on solidifying funding and plans for the bridge.
Trammell Crow's expansion
Atlanta is a key market for Trammell Crow's push into life sciences.
Atlanta is one of the fastest-growing markets for life sciences talent, according to real estate services company CBRE. The U.S. Centers for Disease Control and Prevention headquarters and its university system contribute to Atlanta's growth. But Atlanta's lack of sufficient move-in ready lab space has hampered development.
“There are a lot of devices and therapies and drugs that have come out of labs in Atlanta, but [those are] not as commercialized because there hasn't been any commercial lab space here, outside of the university labs,” Lynch said.
Science Square aims to fill that gap.
The metro also has several other life sciences initiatives underway. In Gwinnett County, an ambitious, 2,000-acre life sciences campus called Rowen aims to lure agricultural, medical and environmental science companies. Several prospective companies have shortlisted Rowen for new facilities, said Mason Ailstock, president of the Rowen Foundation.
Northern Atlanta suburb Johns Creek is the first metro area to earn that designation. Earlier this year, Boston Scientific committed to a 207,000-square-foot lease at the former State Farm campus in Johns Creek. It plans to build a life sciences research and development center.
Talent pipeline
Atlanta’s diversity is a draw. Near Science Square, Atlanta University Center is a collection of historically black colleges and universities including Spelman and Morehouse.
Lynch said AUC creates a "distinct advantage for Atlanta." At least one group interested in Science Square told Lynch's team it views the city’s diversity as an asset.
Community investment
Trammell Crow has committed $2.5 million to a community engagement grant for nearby neighborhoods. It plans to donate $500,000 for each of the five phases of the project. The funds aim to help English Avenue and Vine City schools encourage student interest in life science careers and create scholarships for technical colleges.
Lynch said that Science Square could create a wide range of jobs, including some that do not require a four-year college degree. She said Trammell Crow is working with the state of Georgia and Georgia Bio to promote technical education for such roles.
Residential
Science Square will also have a residential building developed by High Street Residential, a subsidiary of Trammell Crow. The building will be called The Grace and will feature 280 apartments with leasing set to begin in early 2024 and completion expected in May 2024.
Of the 280 apartments, 28 will be designated as affordable, according to a TrammellCrow press release. The units will be a mix of one-, two- and three-bedroom floorplans. It will have an approximately 2,350-square-foot ground floor retail space that will be available for lease. Retail leasing for the development is being handled by Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners.
Lynch said she expects people including graduate students, Georgia Tech professors, and people who work at Science Square to want to live in the building.