Synovus and Columbus Consolidated Government Announce Likely Real Estate Transaction; Council to Consider Proposal During September 28 Session
COLUMBUS, Ga., Sept. 24, 2021 — Synovus Financial Corp. (NYSE: SNV) and the Columbus Consolidated Government today announced a proposed purchase sale agreement (PSA) for Synovus’ company-owned facilities in Uptown Columbus to be purchased by the city for use as administrative office space. The proposal will be considered by Columbus Council during its September 28 session. Under the terms of the proposed transaction, the city would purchase from Synovus the Uptown Center, Main Office, Jordan and Bradley buildings, and parking deck. All of the facilities are in the block bordered by 12th Street, First Avenue, and Broadway in Uptown Columbus.
If the transaction is approved, by the first half of 2024, Synovus will consolidate its nine Uptown locations — including three retail branches — into two possible locations and one new state-of-the-art branch with drive-thru convenience in Uptown Columbus. Synovus expects to announce details of its Uptown space optimization and relocation plan in the next few weeks.
“Columbus is a special place, and this partnership demonstrates Synovus’ long-standing commitment to meeting the needs of the city and the Uptown community where we were founded more than 130 years ago,” said Kevin Blair, Synovus president and CEO. “This agreement with the city to purchase our Uptown Center complex is mutually beneficial for both organizations and will result in greater workspace efficiency and synergy among our Columbus-based team members and improved workspace for the city’s administrative staff.”
“We approached Synovus several months ago about the possibility of this transaction, which will help us achieve a cost-effective solution for the city’s administrative office requirements in Uptown Columbus,” said Mayor B. H. “Skip” Henderson, III. “This is a win-win transaction for Columbus and Synovus, and another demonstration of the long history of collaboration between this city’s businesses and local government to address the needs of our community.”
Synovus team members in most of the Uptown buildings included in the sale will temporarily relocate to the Synovus Centre and the adjacent Riverfront Building in the second half of 2022. Around half of Synovus’ approximately 970 Chattahoochee Valley-based full time team members ultimately will be housed in two Uptown facilities. Remaining team members are in remote or hybrid-location roles. Synovus currently employs approximately 5,200 team members across its five-state footprint.
A fact sheet on the PSA is available here.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $55 billion in assets. Synovus provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 285 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.