Norfolk Southerns HQ Move to Atlanta: Breakdown of Events

In 2018, Norfolk Southern announced it was moving its Virginia HQ to Atlanta, bringing hundreds of jobs to the city. Information sourced by The Atlanta Business Chronicle, view a quick 3 month timeline breakdown of the events following the announcement. Each event is detailed below.

#1 Norfolk Southern partnered with Cousins Properties to develop its $575 million HQ campus. Cousins Properties purchased the site for approximately $37 million.

#2 CIM Group purchased “The Gulch” from Norfolk Southern for approximately $7 million an acre. “The Gulch” is 16.3 acres and CIM Group has plans for the future development of office, residential, retail and hotel.

#3 Norfolk Southern purchased its HQ site back from Cousins Properties. Cousins Properties will continue to serve as the development manager of the Norfolk Southern HQ development.

#4 Norfolk Southern plans to use the proceeds of the sale of 1200 Peachtree to invest back into the new Midtown HQ.  Cousins Properties will continue to lease 1200 Peachtree to Norfolk Southern until the company moves into the new HQ.

#5 Cousins had quietly maintained the most essential piece of “The Gulch” for CIM Group, the air rights. As part of the deal, Cousins will maintain the opportunity to negotiate future development in “The Gulch.”