Rubenstein Partners and Monarch acquire Atlanta asset for $187m
Rubenstein Partners and Monarch Alternative Capital have formed a joint venture that has purchased the Lindbergh Center, a 1 million-square-foot, mixed-use property in Atlanta, for $187 million. The class A complex is built over Lindbergh Station, one of the busiest connections on Atlanta’s MARTA rapid rail system and is also adjacent to the MARTA headquarters building.
The Lindbergh Center development comprises twin 14-story office buildings and is located at Piedmont Road and Lindbergh Drive within Atlanta's Buckhead submarket. The property is fully leased to AT&T until Dec. 31, 2020, and is also part of Lindbergh City Center, a 47-acre live/work/play development that includes numerous residential and retail offerings. Rubenstein and Monarch intend to implement a capital investment program at Lindbergh Center that will enhance the overall amenities at the property and recreate the neighborhood-friendly, mixed-use environment at the heart of Atlanta's transportation network that the developers originally envisioned.
“We’re thrilled to acquire Lindbergh Center, an exceptional mixed-use asset located adjacent to some of the best communities in Atlanta," said Taylor Smith, regional director of the Southeast at Rubenstein Partners. “This represents another excellent value-add investment addition to the Rubenstein portfolio, and we intend to enhance the property through an extensive capital improvement program. Once complete, we believe the office environment will be one of the most compelling in Atlanta, having an unmatched retail amenity base centrally located between Buckhead and Midtown. We intend to breathe new life into Lindbergh by adding new retailers, infusing the district with art and vibrant design elements and reopening Lindbergh's connection with the surrounding neighborhoods through improvement of the existing green spaces and event programming. Lindbergh Center is already a key component of one of the best transit-oriented developments in Atlanta, and Rubenstein is looking forward to working in partnership with MARTA to improve this transformative urban property even further.”
“Almost 20 years ago, the first phase of Lindbergh Center made history as Atlanta's first transit-oriented development. Its success with regard to creating a community that seamlessly offers residential, corporate and retail components gained national attention and served as inspiration for the TOD work that has come since then,” said Jeffrey Parker, MARTA’s general manager and CEO. “We are excited about Rubenstein's plans for revitalization of this groundbreaking community, and we look forward to seeing their plans for capital improvements realized.”
