The new owners of the iconic Esplanade office buildings have announced plans to fully renovate and upgrade the renowned and prestigious four building campus. Monarch Alternative Capital and Tourmaline Capital Partners reportedly paid $385 million for the four buildings late last year. Located on Camelback Rd. in the Biltmore area, a $45 million Esplanade renovation project will add approximately 30,000 square feet of new amenity space and overhaul the existing buildings. Construction is expected to start in early spring of 2023.

The makeover will include a 16,000 square foot amenity building featuring a cafe and bar, as well as a fitness center. An 8,000 square foot conference room will also be added. CBRE’s Bryan Taute heads the leasing team for the property, “This renovation will amplify the already desirable location and offerings the Esplanade has.” The property is approximately 90% full and the company says it has leased 200,000 square feet in new deals and renewals since March of this year.