Buckhead’s largest office complex is facing foreclosure after its lender alleges the owner defaulted on its mortgage.
Piedmont Center, comprising 14 buildings across 46 acres along Piedmont Road, has been scheduled for an auction next month, according to a Fulton County public notice. Lender Morgan Stanley filed to foreclose on the $330.8 million loan backing the property after Ardent Cos. did not make timely debt payments.
The sale is scheduled before the courthouse steps on Feb. 4, according to the notice.
An Ardent Cos. executive declined to comment.
A foreclosure notice signals a lender’s intent to take back the property underlying the mortgage, but a filing does not guarantee that a foreclosure will happen. The borrower and lender could come to another arrangement to halt the proceeding.
The Atlanta Business Chronicle was first to report the notice.
Ardent Cos. began to acquire portions of Piedmont Center between 2016 and 2021 with plans to transform the campus to better reflect the wants and need of modern office tenants.