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

Denver Tech Center Office Tower Trades Hands For First Time In 14 Years

Law Firms Drive Boston Office Rents To Record Highs

3 Houston Office Properties, Vacant To Nearly Full, Change Hands

Deutsche Hypo Finances Zadelhoff's Amsterdam Offices With €75M Loan

TikTok Inks 1M SF Warehouse Lease: The Atlanta Deal Sheet

SFF Realty Partners Extends Spending Spree With $82M Acquisition In Downtown San Jose

Drawbridge Realty Acquires 180K SF Office Building In Sunnyvale For $219M

Downtown Los Angeles Retail, Office Hub The Bloc Up For Sale

Distress Divide: How Private vs. Institutional Investors Are Thinking About D.C. Office

Interest Rate Hike Douses Outlook For Atlanta Developers

Chicago Office Deals Feature More Scrutiny, Added Tenant Protections

Tishman Speyer Retakes Chrysler Building, Plans $235M Renovation