(ATLANTA BUSINESS CHRONICLE) - Health technology company athenahealth will bring more than 700 jobs to a high profile mixed-use redevelopment in Midtown.
The Boston area-based company will invest up to $10 million and lease up to 60,000 square feet in the Ponce City Market complex, according to a source. Athenahealth will take 120,000 square feet over the next five years.
In October, Atlanta Business Chronicle first reported athenahealth's plans for an Atlanta expansion.
Ponce CityMarket is a $200 million mixed-use project developed by Jamestown Properties. The redevelopment of a mammoth former Sears building will include 274 residential units, 330,000 square feet of retail and 450,000 square feet of office space.
In October, athenahealth CEO Jonathan Bush said he wanted to locate the company in a neighborhood with "mojo."
Think about Peachtree, before they shut down the bars," Bush quipped.
Athenahealth will occupy the penthouse level of the redeveloped building, with a view of North Ave., the source said. The company was drawn to the area because of its walkability, bike trails, proximity to Georgia Tech and a young population.
Athena's expansion would burnish Atlanta's reputation as a health-care IT industry cluster. More than 200 health IT companies operate in Georgia, employing about 16,000.
Watertown, Mass.-based athenahealth (Nasdaq: ATHN) provides Internet-based electronic health records, practice management, and care coordination services to medical groups, hospitals and health systems. The company takes on non-core functions, such as claims processing, billing, patient communication and medical records management, allowing providers to focus on patient care.
Athenahealth's cloud-based technology provides insights into clinical and financial performance so medical groups can improve patient care and boost revenue.
Atlanta competed with several cities as athenahealth looked to expand its presence in the Southeast.
The company employs about 100 in metro Atlanta, where it does software development for a business intelligence product. In 2009, athenahealth acquired Alpharetta-based Anodyne Health Partners, which provides physician-billing, medical coding and business intelligence software. athenaHealth plans to relocate employees from Alpharetta over time.
The Southeast is a growth market for athenahealth. The region has a large number of independent clinics and physicians and for-profit hospital systems, which, Bush said, are more likely to invest in technology.
Athenahealth scouted two dozen locations in metro Atlanta including in Midtown, Buckhead, Central Perimeter, Roswell and Alpharetta.
Atlanta is attractive because of the region's deep health IT talent pool and university infrastructure.