Business News Atlanta Plaza 1

Published on November 16th, 2015 |

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Buckhead’s 32-story Atlanta Plaza office building is up for sale

Buckhead’s 32-story Atlanta Plaza office building, located at 960 East Paces Ferry Road across from the Lenox MARTA rail station, is up for sale, according to the Atlanta Business Chronicle.

Atlanta Plaza on East Paces Ferry Road with the Lenox MARTA rail station at bottom right and Lenox Squiare Mall at left.

Atlanta Plaza on East Paces Ferry Road with the Lenox MARTA rail station at bottom right and Lenox Squiare Mall at left.

California State Teachers’ Retirement System put the 425-foot tower, which was built in 1986, on the market as building values in Buckhead continue to rise, raising speculation Atlanta Plaza could fetch at least $240 a foot, or almost $157 million, according to real estate sources.

A few years ago, Buckhead building values plummeted as a glut of new office towers were completed on the heels of the recession. Today, Buckhead is only eclipsed by south Florida in recent Southeast office transactions of at least $300 a foot, according to Colliers International.

Monarch Centre recently joined other Buckhead properties that traded in the past 14 months for above $300 a foot, including 3630 Peachtree ($390 per foot); The Pinnacle ($356 per foot); and One Buckhead Plaza ($340 per foot), according the ABC’s report.

Although Atlanta Plaza lost office tenants relocating in recent years to newer towers along Peachtree Road, is now developing with projects such as Chicago-based AMLI Residential’s 7-acre apartment project and the recently announced 25-story Crescent Communities apartment project, both within a block of the building, as well as nearby Lenox Square and the Lenox MARTA station.

Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. designed Atlanta Plaza, which is tied with 1100 Peachtree as the 25th tallest building in Atlanta. A second tower with the same profile, but boasting ten additional floors, and a four-hundred-room hotel were originally planned for the surrounding site but was never built.

(For the Business Chronicle’s full story, click here.)

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    2 Responses to Buckhead’s 32-story Atlanta Plaza office building is up for sale

    1. John, you’re stealing our (Atlanta Business Chronicle’s) story almost verbatim. I invite anyone reading this to check out our original at http://bizj.us/1k6lko At the very least, John, you should use no more than a few facts and then direct-link to Atlanta Business Chronicle. Stop ripping us off.
      David Allison
      Editor
      Atlanta Business Chronicle

      • John Schaffner says:

        David: I generally do link to your ABC stories when you are the only ones that have the story and when the story is all yours. In this case, we corrected the number of stories tall the building is, added some other information which we got from Wikipedia and much of the rest of the information both in your story and ours came from either Colliers International or Market Data, two rather public sources. You will note that we credited Atlanta Business Chronicle in the very first paragraph for the report, as we do any time we get a story from the ABC or other sources. But we have now also added the link to your report. Have a good day.

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