NYSTRS & Abu Dhabi Sovereign Fund Put Monarch Centre on Block
A group of New Yorkers and Middle Easterners have put a landmark Buckhead office complex on the market.
The New York State Teachers' Retirement System, along with the Abu Dhabi Investment Authority, has put Monarch Centre on the market for an undisclosed sum, sources tell us. Monarch Centre is a two-building office complex that includes the 527,800 SF Monarch Tower (built in 1997) and the 368,700 SF Monarch Plaza (built in 1983). Eastil Secured has been tapped to sell, but officials could not be reached for comment. Occupancy is 90% and 86%, respectively, according to CoStar. While rents for the vacant space, per the CoStar report, are hovering in the high $20/SF to low $30/SF 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. Especially since the complex is connected to the Ritz-Carlton Buckhead hotel, popular both with traveling business execs and as a corporate meeting location. The owners purchased the complex in 1997 for nearly $165M, or $184/SF, according to Databank.