Atlanta’s Bank Of America Plaza Scheduled For Feb. 7 Foreclosure Sale

Posted by Orb Staff on January 12, 2012 No Comments
Categories : Commercial Mortgage

10693_bankofamericaplaza Atlanta's Bank Of America Plaza Scheduled For Feb. 7 Foreclosure Sale Atlanta's tallest office building, the 55-story Bank of America Plaza, has been advertised for a foreclosure sale next month.

The Atlanta Journal-Constitution reports that the building is scheduled to be auctioned from the Fulton County Courthouse steps on Feb. 7. The building's owner, California-based BentleyForbes, is in default on a $363 million debt.

A BentleyForbes spokesperson told the Journal-Constitution that the company was in ‘active dialogue’ with its servicer, LNR Partners, and was eagerly seeking a ‘way forward’ for the property, which currently has an occupancy rate of 79%.

Opened in 1992, the Bank of America Plaza is notable as the tallest building in the southern U.S., the tallest American building located outside of New York and Chicago, and the tallest in any state capital. According to the BentleyForbes website, its tower boasts a 23-karat gold-leafed spire with a lighted, open-grid, stepped-pyramid roof.

BentleyForbes purchased the property in 2006 for $436 million from CSC Associates, a partnership of Cousins Properties Inc., and Bank of America Corp., which maintained tenancy in the building.

(Photo courtesy of Connor Carey)

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