Business News

Published on June 20th, 2015 |


Buckhead’s 2 building Monarch Centre reportedly up for sale

The New York State Teachers’ Retirement System, along with the Abu Dhabi Investment Authority, has put Monarch Centre in Buckhead on the market for an undisclosed sum, according to a report by the Bisnow online real estate news service.

Monarch Centre is a two-building office complex that is connected to the Ritz-Carlton Buckhead hotel and includes the 527,800 square foot Monarch Tower (built in 1997) and the 368,700 square foot Monarch Plaza (built in 1983).

According to Bisnow, Eastil Secured has been tapped to sell, but officials could not be reached for comment. The owners purchased the complex in 1997 for nearly $165 million, or $184/square foot, according to Databank. Occupancy is 90 percent and 86 percent, respectively, according to CoStar.

While rents for the vacant space, per the CoStar report, are hovering in the high $20/square foot to low $30/square foot range, that’s a discount compared to other Class-A trophy asking rents along Peachtree Road in Buckhead, and could prove a possible value-add play for potential buyers.

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