Atlanta’s Bank Of America Plaza Sold In Foreclosure Auction

10893_bankofamericaplaza Atlanta's Bank Of America Plaza Sold In Foreclosure Auction Atlanta's 55-story Bank of America Plaza was repossessed by its lender yesterday following a foreclosure auction at the Fulton County Courthouse.

The Atlanta Journal-Constitution reports that a lawyer for LNR Partners placed two ‘credit bids’ totaling $250 million during the auction. LNR represents the lender, an investor-owned commercial mortgage-backed security, and the lender will reportedly seek a new buyer for the property.

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 building in any state capital. California-based 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. Last month, BentleyForbes defaulted on a $363 million debt.

(Photo courtesy of Connor Carey)


Please enter your comment!
Please enter your name here