Published on November 16th, 2015 |2
Buckhead’s 32-story Atlanta Plaza office building is up for sale
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.)