Real Estate News

Published on September 16th, 2015 |


Highwoods reported as front runner to buy Buckhead’s Monarch Centre

Highwoods Properties Inc. is emerging as the front-runner to buy Monarch Centre, a 900,000-square-foot Buckhead office project that includes the 24-story Monarch Tower (built in 1997) and the 15-story Monarch Plaza, an older tower finished in 1983, according to the Atlanta Business Chronicle.

Highwoods, the Raleigh-based real estate investment trust, is looking to expand its portfolio of trophy office buildings, according to the ABC story. Highwoods declined comment, according to the ABC.

Earlier this summer, a partnership of New York State Teachers Retirement System and Abu Dhabi Investment Authority hired Eastdil Secured to market Monarch Centre. At one point, up to a dozen investors were said to be in the pool of potential buyers, according to the ABC report.

In the late ‘90s, Monarch Tower was one of the first wave of buildings developed along Peachtree Road and the Buckhead Loop, which overlooks Georgia 400. Highwoods already owns two prominent buildings on the Loop (Lenox Road) — One and Two Alliance Center.

Highwoods would join Parkway Properties Inc. and Cousins Properties Inc. in owning multiple trophy buildings with access to Peachtree, the Buckhead MARTA station or Georgia 400. Outside of south Florida, Buckhead is producing the most recent office transactions in the Southeast of at least $300 a foot, according to Colliers International.

Buckhead has few big blocks of office space remaining in existing buildings and new construction presently is limited to just Tishman Speyer’s Three Alliance Center. Buckhead rents are the highest in the city, eclipsing $40 a foot on some floors.

Monarch Centre could become the latest Buckhead building on the market to break through the $300 a foot sales barrier, according to the Business Chronicle. If so, it would join One Buckhead Plaza, Pinnacle, and 3630 Peachtree. Since the beginning of 2014, each of those Buckhead towers were acquired for more than $300 per square foot, the ABC story noted.

Print Friendly, PDF & Email

Be Sociable, Share!

    About the Author

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Back to Top ↑
    • Grab BuckheadView!

    • Follow Us


    • Brought To You By

    • Ad
    • Visit Our Other Publications

    • Ad
    • Ad
    • Ad