For immediate release June 24, 1998

Jack Guynn, president and chief executive officer of the Federal Reserve Bank of Atlanta, and project architects today presented design plans for the Bank's new headquarters, which will be constructed on a site that the Bank previously purchased at Peachtree and 10th streets in Midtown Atlanta.

"We are very pleased with the way the design for our new headquarters reflects the Bank's role as a public policy institution and makes a positive contribution to the City of Atlanta and the region," said Guynn. "It addresses the complex business needs of a Federal Reserve Bank, while also providing a classic and timeless building that will complement existing and planned development in the dynamic Midtown Atlanta neighborhood." Smallwood, Reynolds, Stewart, Stewart & Associates Inc. of Atlanta, in association with Robert A.M. Stern Architects of New York, is the project's architect. Robert Stern is the project's lead designer.

The new building will feature mid- and low-rise components. The Bank's office functions will be housed in a 10-story mid-rise component facing Peachtree Street. This portion of the building will also feature a monetary museum, located off the main lobby, that will be open to the public. The Bank's cash and check operations will be housed in a three-story low-rise component situated behind the mid-rise portion of the building. The building will total approximately 746,000 square feet.

"The design for the new Atlanta Fed headquarters builds upon the Sixth Federal Reserve District's own architectural history, while drawing inspiration from Paul Cret's Federal Reserve Board building in Washington, D.C.," said Stern. "Our design is classical but in a modern way, reflecting an image of stability consistent with the Bank's role as part of the nation's central bank. In the design, we made every effort to create a building that is set apart from a typical office building without sacrificing the Bank's operating efficiency and space-planning flexibility."

In addition to the building's design, architects also presented a site plan that features open, public areas on more than three acres of landscaped green space situated at key areas of the property. The site plan also incorporates pedestrian-friendly streetscapes with extensive lighting, wide sidewalks and tree cover for pedestrian traffic.

As previously announced, Beers Construction Co., in association with C.D. Moody Construction Co., the Integral Group and Torcon Inc., will serve as the project's construction manager. The Atlanta Fed purchased the 12-acre site for its new building in late 1995. The Bank plans to begin construction in early 1999 after the project receives final approval from the Board of Governors of the Federal Reserve System. The Atlanta Fed expects to occupy the building in the summer of 2001.

The new building is being constructed to consolidate into one facility staff and business functions of the Bank's southeastern headquarters. The Federal Reserve Bank of Atlanta serves the Sixth Federal Reserve District, which encompasses Alabama, Florida and Georgia and sections of Louisiana, Mississippi and Tennessee. As part of the nation's central banking system, the Atlanta Fed takes part in setting national monetary policy, supervises and regulates commercial banks and provides cash and check processing and other payments services to depository institutions and the U.S. government.

Currently, the Atlanta Fed's 1,200-employee staff operate out of three buildings in downtown Atlanta: the main Bank building at 104 Marietta Street, which dates to the early 1960s, two floors in the 55 Park Place building, and six floors in the Equitable Building at 100 Peachtree Street.