Sandy Springs' iconic royal towers hit the market this week, with the Atlanta Business Chronicle reporting that the Concourse Corporate Center could fetch half a billion dollars (yes, that's a "b"). The "king" and "queen" were last sold just two years ago for $311 million; the valuation hike of the business center, comprising more than 2.1 million square feet of leasable space, is a testament to the red-hot Perimeter market. With companies like Mercedes-Benz USA and State Farm anchoring massive corporate campuses in the area, the cities of Sandy Springs and Dunwoody are reaping the benefits of the Atlanta business boom.
With potential buyers expected to submit offers by the end of the month, the newspaper speculates a deal could close as early as March. But with the astronomical price tag, not even Lorde could afford these high-profile Royals. Situated at the junction of GA Highway 400 and Interstate 285 — which is poised for a revamp twice the cost of the expected sale price of Concourse — the towers are currently the tallest suburban buildings in the country. Completed in the late 1980s and early 1990s, respectively, their reign is threatened by developments poised to rise along the Ga. Highway 400 corridor. Whatever happens with the towers, they are destined to retain their landmark status in the city and, hopefully, continue to lure more companies to the area.
· "King" and "Queen" towers hit the market, as project could fetch close to $500 million [Atlanta Business Chronicle]
· Is North End Perimeter Ripe for Skyscraper Boom? [Curbed Atlanta]
· Behold! The Most Expensive Road Project in Georgia History [Curbed Atlanta]
· Holy Skyscraper! It's the Tallest Suburban Tower in the Country [Curbed Atlanta]