Rail transportation giant Norfolk Southern plans to move its headquarters from its namesake Norfolk, VA to Midtown Atlanta.
According to a report in the Atlanta Business Chronicle, Norfolk Southern will build a new tower at 650 West Peachtree St. that includes 1.3 million square feet of office space and about 12,000 square feet for ground floor retail space. The railroad company is working on the project Cousins Properties, which has filed development plans with the state.
A fact sheet provided by Invest Atlanta, the city’s economic development arm, indicates the tower will cost $575 million and bring 850 new jobs.
The departure of Norfolk Southern from Virginia is likely to be costly for the corporation. According to a report in Virginia Business Magazine, the company many have to pay back millions in subsides it received to remain in the Norfolk/Hampton Roads area.