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Metro Nexus of New York and Paris, and Core Location of Bethesda, MD jointly plan to convert aging warehouse product in a depressed intown area into Metro Technology Center Atlanta, a one million-sf telecom hotel.

The project would be one of the largest of its kind in the United States, possibly second to the 1.1 million-sf Lakeside Technology Center developed by Core in Chicago in July of this year.

The property, currently being renovated, is scheduled to open in the fourth quarter. Asking Midtown rents average $15 to $17psf.

The developers plan to apply for various tax incentive programs because the property sits in an Atlanta Enterprise Zone and an Empowerment Zone. Industry observers note the venture is timely because of the burgeoning growth of the metro area’s telecommunications and high-tech industry.

Core Location was founded as an Internet real estate company in March 1999. MetroNexus, founded in May 2000 by the Morgan Stanley Real Estate Funds, acquires, develops, leases and manages telecom hotels in North America and Europe.

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