Portman, Blackstone Unit Land $278M Atlanta Refi
The loan comes after a recent 165,000-square-foot lease at the tower.
Portman and funds affiliated with Blackstone Real Estate have refinanced Ten Twenty Spring, a 25-story, 540,000-square-foot office building within the Spring Quarter mixed-use campus in Midtown Atlanta. Eldridge Capital Management provided a $278 million loan.
Portman and Perform Properties, a Blackstone portfolio company, are the co-developers of Ten Twenty Spring. Portman secured a $224.2 million construction loan from Goldman Sachs in April 2022, according to Yardi Matrix data. The office tower was completed in December 2024.
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The construction loan was set to mature in May 2027, Bisnow reported, citing loan documents from the Georgia Superior Court Clerk’s Cooperative Authority database. Eldridge was a co-lender with Goldman on the building’s construction financing, according to Bisnow.
Eldridge, an asset management and insurance holding company, has more than $75 billion in assets. Since 2014, the real estate credit platform has originated more than $12 billion in loans.
Who’s leasing at Ten Twenty Spring
The refinancing comes less than two months after Pinnacle Financial Partners inked a lease for 165,000 square feet at the office tower in one of the city’s largest office leases to date this year. Move-ins are planned for the second half of 2027, when the regional bank will occupy five full floors for its corporate headquarters.
The financial services firm expects to have a workforce of 400 employees at Ten Twenty Spring. The corporate headquarters will expand on the company’s existing Atlanta footprint of more than 46 locations in the Greater Atlanta metro.
Other tenants include law firm Reed Smith, which leases 34,000 square feet on the 11th floor, and EY, which occupies about 102,200 square feet on floors 14 through 16. On the ground level, Sozou, a Japanese restaurant helmed by chef Fuyuhiko Ito, is set to open this summer.
An amenitized asset
Ten Twenty Spring was one of the only new office buildings to deliver in Atlanta in 2024. It was also the largest office project under construction at that time.
The building has floorplates exceeding 32,000 square feet and floor-to-ceiling windows. The tower has 16,000 square feet of private terraces and 20,000 square feet of tenant amenities, including a coworking lounge and indoor/outdoor bar with skyline views. The property has ground-floor retail, more than 20,000 square feet of outdoor space and access to Spring Quarter’s walkable greenspaces and gathering areas.
The location at 1020 Spring St. NW is close to the MARTA Midtown station, interstates 75 and 85, and Hartsfield-Jackson Atlanta International Airport.
Active refinancing trend for top towers
The refinancing of Ten Twenty Spring is another example of a highly amenitized office product securing new financing this summer. A KBRA pre-sale report out this week noted Brookfield Premier Real Estate Partners is expected to secure a $210 million refinancing loan for Block 16 and Block 24, two Class A office buildings in Bellevue, Wash., later this month.
In late July, a joint venture of PGIM, Tribeca Investment Group and Meadow Partners received a $228.9 million loan to refinance 295 Fifth Ave., a 19-story office tower in Manhattan’s Midtown South submarket. The refinancing came after a 2022 comprehensive redevelopment of the property, a textile industry building erected in 1920, into a 707,181-square-foot Class A tower.
Earlier that month, Vanbarton Group refinanced 425 Lexington Ave., a 750,000-square-foot, LEED Gold-certified office tower in Midtown Manhattan, with a $352 million, floating-rate, single-asset single-borrower note. The building underwent a $35 million renovation program which added a new amenity center.
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