Bank of America Plaza Could be Headed for Foreclosure
- Jan 13, 2012
According to the Atlanta Business Chronicle, Atlanta’s tallest skyscraper—Bank of America Plaza—is being advertised for a foreclosure sale next month, if a deal is not be reached. Based on an advertisement in Wednesday’s edition of the Fulton County Daily Report, the office tower is scheduled to be auctioned off from the Fulton County Courthouse steps on February 7.
The 55-story tower, located at Peachtree Street and North Avenue, registered an Atlanta record when bought by California-based BentleyForbes in 2006 for $436 million. Currently, its original debt—with an initial combined balance of $363 million—is in default; a special servicer was brought in a year ago to help work out troubled loans, but no deal has yet been reached in order to avoid foreclosure. According to the Atlanta Business Chronicle, the special servicer—LNR Partners—has already started preparing for a possible foreclosure.
The occupancy of the 55-story tower is now down to 79 percent; Bank of America is still among its tenants, as is the law firm Troutman Sanders.
Bank of America Plaza, considered to be the tallest U.S. building outside of New York or Chicago, opened in 1992 as the NCNB/NationsBank Plaza, soon to be taken over by Bank of America. The tower occupies approximately 3.7 acres with 1,287,997 square feet and 55 stories; it boasts a 23-karat gold-leafed spire with a lighted, open-grid, stepped-pyramid roof.
Currently, the uncertain future of the high rise has sparked many debates, given an ironic twist—a building bearing the name of a bank often associated with foreclosure may now also be facing foreclosure.
Photo Credit: Connor.carrey via Wikimedia.commons