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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Emory Takes Over Proton Center For $82M: The Atlanta Deal Sheet

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

Dewberry's Midtown Eyesore Quietly Resolves $75M Mortgage

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters