StateStreet Group takes over managing Walthall Lofts and The Courthouse in Jackson

Approximately four years ago, Jackson native and property owner Amit Goel gave a tour of The Walthall Lofts and The Courthouse apartment communities to Frank Buchanan of the StateStreet Group.

Buchanan, vice president of Property Management of StateStreet Group, who was impressed with the views and the layout of the properties, told Goel at the time that if the need for a new management group ever surface to give him a call.

A couple of months ago, Goel, a St. Andrew's Episcopal School graduate who now lives in Houston, Texas, reached back out to Buchanan.

On Tuesday, StateStreet Group announced it has taken over the management of The Walthall Lofts and The Courthouse in the heart of Downtown Jackson.

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StateStreet Group has developed or manages many properties in the Jackson area, including The Meridian apartment building as well as the Quarter House along Lakeland Drive in East Jackson.

The Walthall Lofts were redeveloped in 2020 into luxury apartments with amenities. Located at 225 East Capitol St., the eight-floor, 154-unit building has studio, loft and one bedroom options, in addition to pool, fitness and parking amenities.

The Courthouse, a historic building located next door to the Walthall Lofts, was first constructed in 1933 and served as the U.S. District Court building. The iconic Art Deco building has been renovated, and residents can choose one of 15 different floor plans in this building.

“We are thrilled to bring SSG’s exceptional management approach to these downtown properties," said Justin Peterson, president of StateStreet Group in a statement. "This partnership is in perfect alignment with our strategic goals for growth, excellence in service, and contributing to our community.”

Buchanan said Goel wants to use StateStreet Group's expertise to get more people living in The Walthall Lofts and The Courthouse and in the downtown area.

"You kind of have to see it to believe it when you are talking about those two properties," Buchanan told the Clarion Ledger. "Some of the views with the big windows are really amazing. I kept thinking when I toured it that if I were a young professional again, I would want to live here."

Buchanan said SSG hopes to use its connections through its other properties to be able to lure people downtown and fill the rest of the units that are not filled. He said he doesn't have exact numbers but that he estimates the two buildings are about 60% occupied at the moment.

"I think they thought that we would take great pride in managing this property and want to see the downtown area thrive," said Buchanan, whose StateStreet Group offices are just a couple of blocks away from The Walthall and Courthouse. "It's really a special opportunity."

He also said that he envisions more for the property on the ground floor.

"I can see maybe a restaurant group or coffee shop or even a small market type of place for that first floor," Buchanan said. "If both of those buildings are full that's a market of 250 to 300 people that can be served at any point and time, and with the growing number of people living in downtown Jackson, it just seems like a natural."

This good news for the downtown area comes on the heels of the announcement of the Pinnacle Building getting new ownership and a new management team, hoping to improve its 30% occupancy rate. The 192,000-square-foot, nine-story Class A office tower was previously owned by Hertz Investment Group. The lenders working with Hertz have now assumed ownership.

Ross Reily can be reached by email at rreily@gannett.com or 601-573-2952. You can follow him on Twitter @GreenOkra1.

This article originally appeared on Mississippi Clarion Ledger: Jackson MS Walthall Lofts and The Courthouse apts. have new management