Railroad shipping giant Norfolk Southern formally announced Wednesday that is will relocate its corporate headquarters from Norfolk, VA to Midtown. The announcement was made at a press conference at the State Capital attended by Mayor Keisha Lance Bottoms, Gov. Nathan Deal and Norfolk Southern officials.
Norfolk Southern is in the process of purchasing property at West Peachtree Street and Ponce de Leon Avenue for the new building, expected to cost $575 million. The new headquarters, which will be developed by Cousins Properties, is expected to create 850 new jobs. Around 2,000 employees will move to the new building from office space already located in Midtown.
Norfolk Southern also recently sold property at The Gulch in Downtown for $115 million to CIM Group, which plans to build a $5 billion mixed-use development on the site, according to a report in the Atlanta Business Chronicle.