The Bell Building, currently unused, is owned by Georgia State University. Atlanta reporter Maria Saporta wrote this, following a conversation with GSU President Mark Becker.
The Woodruff gift will not only pay for the transformation of the Cube [a new media center nearby on Park Place] but for two other nearby projects — the enhancement of the lobby and the facade of the Annex building, which houses incubator space for companies with university ties; and to tear down the Bell building on the other end of the block.
GSU has not published an intended use for the parcel after demolition of the building.
UPDATE: we now know that GSU is planning to turn this property into a surface parking lot. Read more in this news report.