Bank of America Tower Selling At Auction February 7
Bloomberg BusinessWeek reports: Atlanta’s 55-story Bank of America Plaza, the tallest tower in the Southeast, is set to be sold at an open outcry auction on the steps of the Fulton County Courthouse. Owner, Bentley Forbes purchased the property in 2006 for $436 million from Bank of America Corp and Cousins Properties Inc. in the city’s biggest property deal.
The building has since lost 54 percent of its value. Bank of America, its largest tenant, has reduced space and bond investors who helped finance the purchase are on the hook for losses.
The 1,023-foot building would be the tallest in the U.S. to be foreclosed on since the financial markets froze in 2007, according to global commercial property research firm Real Capital Analytics Inc., a New York-based property research company. Boston’s John Hancock Tower, New England’s tallest skyscraper at 790 feet, was sold at auction in 2009 after its owner defaulted on debt they used to buy it three years earlier.
View the full article on Bloomberg BusinessWeek: Bank of America Tower Selling At Auction February 7
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Posted by: Nina Turner