UPDATED story:
Atlanta-based investment giant Invesco confirmed plans Thursday for a $70 million expansion in Midtown that will add 500 new jobs.
In a news release from Gov. Brian Kemp's office, Invesco said as part of the expansion of its global headquarters, the investment company plans to move into a new tower within the planned Midtown Union development, at 17th, Spring and West Peachtree streets, which is slated to open in 2022.
“We’re excited by the opportunity to build on our forty-year presence in the city and meaningfully expand our local team to nearly 1,200 professionals, which will enhance our ability to meet client needs here in Atlanta and across the globe,” Martin L. Flanagan, President and CEO of Invesco, said in the news release.
Invesco, which employs roughly 7,000 people, traces its roots to the investment management division of storied Atlanta bank Citizens & Southern. Through a series of mergers and acquisitions, the company’s base has shifted from Atlanta to London and back.
The company has doubled its assets under management over the last 12 years.
In 2018, Invesco reported $5.3 billion in revenue and net income of $882.8 million. Earlier this month, Invesco finalized its acquisition of OppenheimerFunds. As part of that deal, OppenheimerFunds’ parent company, MassMutual, took a significant stake in Invesco.
“Invesco’s steadfast commitment to Atlanta is a great example of the Georgia success story, and I am pleased to be able to share this incredible announcement,” Kemp said. “Georgia’s unmatched pro-business environment has repeatedly served as a magnet for many global headquarters, but there is no greater endorsement than when one of our own chooses to grow and invest in the Peach State.”
The Atlanta Journal-Constitution first reported Invesco’s planned announcement earlier Thursday.
Atlanta Mayor Keisha Lance Bottoms said the Invesco project “is a testament to the role public-private partnerships play in creating new jobs and economic opportunity for Atlanta residents.”
Invesco executives have been in the market for months for a large quantity of office space, a person familiar with the matter told The Atlanta Journal-Constitution. The company hired real estate services giant CBRE to lead its search.
Invesco is currently the anchor tenant at Two Peachtree Pointe, a tower with the company’s name splashed across the top near The Temple on the northern border of Midtown. The building is visible to hundreds of thousands of motorists who pass along the Downtown Connector every day.
Invesco joins several high-profile companies that have established major offices in Midtown in recent years. Many of them have been near Georgia Tech’s Technology Square development. That includes Honeywell and NCR, which recently opened new facilities around the complex. Anthem and Norfolk Southern are building nearby.
Original story below:
Atlanta-based investment giant Invesco is set to announce a $70 million expansion that will add 500 new jobs.
Gov. Brian Kemp’s office is expected to release the details Thursday morning, his aides told The Atlanta Journal-Constitution.
Gov. Brian Kemp’s office is expected to release the details Thursday morning, his aides told The Atlanta Journal-Constitution.
It’s not immediately clear if the company, which manages more than $1 trillion in assets, is considering moving its entire headquarters to a new building or opening a separate satellite office.
Invesco, which employs roughly 7,000 people, traces its roots to the investment management division of storied Atlanta bank Citizens & Southern. Through a series of mergers and acquisitions, the company’s base has shifted from Atlanta to London and back.
The company has doubled its assets under management over the last 12 years.
In 2018, Invesco reported $5.3 billion in revenue and net income of $882.8 million. Earlier this month, Invesco finalized its acquisition of OppenheimerFunds. As part of that deal, OppenheimerFunds’ parent company, MassMutual, took a significant stake in Invesco.
Invesco executives have been in the market for months for a large quantity of office space, a person familiar with the matter told The Atlanta Journal-Constitution. The company hired real estate services giant CBRE to lead its search.
That search is said to be focused on Midtown.
Many notable companies have made major real estate moves in Midtown in recent years to locate offices near Georgia Tech’s Technology Square. That includes Honeywell and NCR, which recently opened new facilities around the complex. Anthem and Norfolk Southern are building nearby.
Invesco is currently the anchor tenant at Two Peachtree Pointe, a tower with the company’s name splashed across the top near The Temple on the northern border of Midtown. The building is visible to hundreds of thousands of motorists who pass along the Downtown Connector every day.
People familiar with the matter said Invesco is scouting a site at 17th and West Peachtree streets, not far from its current home.
