Morgan Stanley has filed to foreclose on a $330.8 million loan tied to the Piedmont Center, a 46-acre property that includes 14 office buildings along Piedmont Road.

The Atlanta Business Chronicle reports Ardent Cos., which owns the 2.2 million-square-foot campus, has defaulted on the loan. Piedmont Center was valued at $657 million, or $299 per square foot when Ardent lined up the debt package from Morgan Stanley in 2021. That was before interest rates soared and building valuations began to fall. 

Morgan Stanley intends to foreclose on Piedmont Center on February 4th.

Bids for Piedmont Center could be near $200 million, or $91 per square foot. That’s a 70% decline from its value in 2021. JLL is marketing the Piedmont Center. The offering says it represents a generational opportunity to control a prominent position in the Buckhead office market with significant in-place cash flows and highly flexible business plan optionality.