ATLANTA, GA — A new investment firm is on a mission to convert a glut of office buildings into affordable housing across the country, including here in Atlanta.

Donahue Douglas seeks to raise up to $1.5B in the venture with a focus on putting empty office buildings to better use. 

Bloomberg reports the firm is also taking advantage of tax incentives that make conversions increasingly attractive.

It’s targeting 10 major cities, including Atlanta. One analysis says nearly 20% of US office space is still vacant five years after the start of the pandemic.

Donahue Douglas says there’s still a vast housing shortage, thereby creating the perfect storm for its conversion business.

WSB Radio’s Cheryl Castro contributed to this story.