ATLANTA — Highwoods Properties Inc., a publicly traded REIT based in Raleigh, N.C., has purchased Monarch Centre in Atlanta’s Buckhead submarket for $303 million. The office property is located adjacent to Phipps Plaza and The Ritz-Carlton. Monarch Centre comprises the 25-story Monarch Tower, a 528,000-square-foot office building, and the 15-story Monarch Plaza, a 368,000-square-foot office building. The REIT’s $303 million investment, which is 20 percent below estimated replacement costs, includes $5.4 million in capital improvements. Monarch Centre was 88 percent leased at the time of sale to tenants such as Baker Donelson, JPMorgan Chase and Morgan Stanley. In addition to Monarch Centre, Highwoods owns the nearby One and Two Alliance office towers in Buckhead. According to the Atlanta Business Chronicle, Eastdil Secured marketed the office property on behalf of a partnership between the New York State Teachers Retirement System and the Abu Dhabi Investment Authority.
Photos courtesy of Highwoods Properties Inc.
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