Parkside Partners has formed a joint venture with Payscape to purchase and renovate 1438 West Peachtree, a 42,430 square-foot office building in Midtown Atlanta, marking the Atlanta-based firm’s second project in the rapidly developing West Peachtree Street corridor. Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, will establish its new headquarters in the to-be renovated building.

Payscape and Parkside Partners purchased the property from Lyrasis, which signed a long-term lease prior to the sale’s closing to remain in its 9,200 square feet of the building. With AlliedBarton Security Services currently occupying 11,475 square feet in a long-term lease, the building will be 80% leased when Payscape takes occupancy of their headquarters space in the fall of 2016. The extensive exterior and interior renovations are expected to be completed in first-quarter 2017.

MSTSD is the architect for the $8 million project. Howard Boyd of Hailey Realty represented Parkside and Payscape in the transaction, and Iberia Bank is the lender. Parkside will market the space available for lease in 1438 West Peachtree to companies seeking a cost-effective, loft-style alternative to the office towers on Peachtree Street.

“We are pleased to be a part of the ongoing redevelopment of the West Peachtree corridor and to partner with Payscape to solve their long-term space requirements. 1438 West Peachtree is the ideal building to renovate and customize for Payscape, and it will provide them a truly unique headquarters in Midtown.” Said Eli Green of Parkside. “This project and our loft office project 16th Station, just a few blocks south, will provide the type of creative office space that is in high demand for firms seeking a strategic location near MARTA, Georgia Tech and the significant amenities Midtown has to offer.”

Payscape will relocate to 1438 West Peachtree from its current space at 729 Lambert Drive in Atlanta, increasing its office space by triple the square feet and supporting their goal of hiring 200 employees nationwide over the next two years.

“We have been talking to Parkside over the past three years about finding the right building for our new headquarters, and we’re very excited to have the opportunity to partner with them on a project that will provide us creative loft space in Midtown’s growing technology cluster near Tech Square,” said Payscape co-founder Adam Bloomston, who teamed with co-founder Jeremy Wing on the transaction. Wing added, “in addition to the talent pool located in this area, Atlanta is also the home to Transaction Alley, the world hub for credit card processing. We are primed with new technology and office space, and ready for the next era of our business.”

The building provides convenient access to Interstate 75/85 and the Arts Center MARTA rail station. Renovations to 1438 West Peachtree will replace the current red brick façade with a modern, painted brick exterior. The building’s interior, which includes 12-foot to 14-foot ceilings, will feature a loft office-style design. Additional renovations will include new hardscape and landscaping, a renovated lobby, and the installation of skylights on the second floor.

The 1438 West Peachtree project is part of an ongoing $1-billion development wave transforming Midtown Atlanta into a more walkable district with a mix of residential, office and retail projects. Projects include Greystar Real Estate Partners’ nearby mixed-use project featuring more than 300 apartments and a new hotel, and the new $200-million headquarters for NCR Corp. at Georgia Tech’s Technology Square.