Time was, the 1960s-vintage Coastal States Building, with its sun-reflecting golden glass exterior, was one of THE addresses on Peachtree Street in the heart of downtown Atlanta. Richard Bowers & Co., which purchased the 27-story office building in the summer of 1999, plans to restore that status.

The company is undertaking a massive renovation of both the interior and exterior of the 305,000-sf building. The plan includes extensive remodeling, reglazing, modernizing and replacing mechanical systems and a walkway to the building next door, 270 Peachtree Street, an office building Bowers & Co. took over as an asset management deal, renovated and leased to 98%.

Although Bowers hasn’t announced any preleasing activity, the firm expects tenant move-in to begin in early 2001. The average rate for class A downtown is $25.75 psf The CBD has become one of the strongest markets in metro Atlanta over the last year.

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