Pinnacle Leases 165 KSF for New Corporate HQ in Atlanta
This transaction ranks among the city's largest office deals of its kind this year.
Pinnacle Financial Partners is leasing 165,000 square feet at Ten Twenty Spring, a 25-story, 525,000-square-foot Class A office tower within the Spring Quarter mixed-use campus in Midtown Atlanta, for its new corporate headquarters.
It is one of the city’s largest office leases to date this year, according to The Atlanta Journal-Constitution.
Move-ins are planned for the second half of 2027, when the regional bank will occupy five full floors for an estimated workforce of 400 employees. Pinnacle’s bank headquarters will remain in downtown Nashville, Tenn., where it has leased 95,000 square feet at 21 Platform Way South in the Nashville Yards mixed-use district since 2021.
Portman and Perform Properties, a Blackstone portfolio company, are the co-developers of Ten Twenty Spring at 1020 Spring St. NW. 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. Law firm Reed Smith has leased 34,000 square feet on the 11th floor. EY is taking about 102,200 square feet on floors 14 through 16 for approximately 3,000 employees.
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The Pinnacle transaction comes about six months after Pinnacle completed an $8.6 billion merger with Synovus. The combined company has $123 billion in assets and a combined footprint with more than 400 locations in nine states—Tennessee, Georgia, Florida, North Carolina, South Carolina, Alabama, Kentucky, Virginia and Maryland. The new corporate headquarters will expand on the company’s existing Atlanta footprint of more than 46 locations in the Greater Atlanta metro. Pinnacle is also seeking space near Ten Twenty Spring for a ground-floor retail location.
Stream Realty handles office leasing for Ten Twenty Spring for Portman and Perform Properties. Pinnacle was represented by CBRE.
Closer look at mixed-use campus
Pinnacle will have prominent signage on the top floor of the office tower, with high visibility from the Downtown Connector, one of the busiest sections of interstate in the country. 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.
Companies like Pinnacle are seeking office space that inspires collaboration, supports a modern workforce and has a highly amenitized environment, a growing trend in office leasing. The building has floorplates exceeding 32,000 square feet and floor-to-ceiling windows. The tower has 15,000 square feet of private terraces and 20,000 square feet of tenant amenities, including a coworking lounge and indoor/outdoor bar with skyline views. Ten Twenty Spring has more than 20,000 square feet of outdoor space and access to Spring Quarter’s walkable greenspaces and gathering areas.
Located at the corner of 10th and Spring streets, the 4.1-acre Spring Quarter mixed-use campus is anchored by Ten Twenty Spring and Sora, a 370-unit luxury residential tower. Portman has restored the historic H.M. Patterson & Sons Spring Hill Chapel into a 24,000-square-foot retail and dining destination. Dining concepts at Spring Quarter include Celestia, a rooftop cocktail bar and lounge; Sozou, a modern Japanese restaurant from chef Fuyuhiko Ito; ISHIN by Ito, a Japanese omakase-style concept; Habaneros, a contemporary Mexican concept; and Pataaka, a high-end Indian restaurant.
Portman’s Atlanta presence
In May, the Atlanta-based national real estate investment, development and management firm acquired The Westin Peachtree Plaza, a 73-story, 1,073-key full-service hotel in downtown Atlanta, through its Portman Hospitality Fund I. Marriott International sold the asset but will continue to manage the property under a long-term agreement. It was the first purchase for the investment vehicle focusing on value-add, large-scale hospitality assets in major U.S. markets. Portman plans to renovate the hotel, including guestrooms and meeting facilities, before Super Bowl LXII in 2028.
Spring Quarter isn’t Portman’s only office development in the market. The firm formed a joint venture with Harrison Street in July 2022 to invest in the Coda building at Technology Square, a Class T research and innovation center adjacent to the Georgia Institute of Technology. Portman broke ground on the 21-story, mixed-use building in 2016 and delivered the asset in 2019. The tower features 645,000 square feet of office space, an 80,000-square-foot data center and 25,000 square feet of street-level retail.
Late last year, electric vehicle manufacturer Rivian opened its new East Coast headquarters in Portman’s Junction Krog District, a 135,000-square-foot mixed-use development in Atlanta’s Old Fourth Ward. Portman partnered with PCCP LLC to build the six-story office building that was delivered in October 2023.
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