Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Atlanta Journal-Constitution: Downtown landmark foreclosed, sold

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:15 AM
Original message
Atlanta Journal-Constitution: Downtown landmark foreclosed, sold
55 Allen Plaza bought by Lincoln Property for pension fund


By David Markiewicz
The Atlanta Journal-Constitution


The end of the Atlanta real estate development scene's heyday has been well chronicled in stories of sparsely occupied office buildings, vacant lots and near empty condominiums. The latest sobering chapter was written Tuesday morning in the shadowy chill on the Fulton County Courthouse steps.

Auctioned was 55 Allen Plaza, one part of a dream mega-project envisioned by prominent local developer Hal Barry. There were no takers, save for the Teachers Retirement System of the State of Illinois, the pension fund that acquired the debt on the project last month from Bank of America.

Lincoln Property, a Dallas-based commercial real estate firm, acting on behalf of the teachers' fund, acquired the prime property for $57 million. That represents an eye-popping discount from the original $83 million loan, and stacks up as a bargain.

The four-year-old, 350,000-square-foot Class A office tower counts prime tenants, including Ernst & Young, Skanska and Cushman & Wakefield, and it has a noticeable visual presence overlooking the Downtown Connector. ..............(more)

The complete piece is at: http://www.ajc.com/business/55-allen-plaza-bought-89938...



Printer Friendly | Permalink |  | Top
RT Atlanta Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 08:34 AM
Response to Original message
1. Really interesting...
Skanska has an impressive LEED certified office within that building.

The W hotel adjacent to 55 was foreclosed late last year or earlier this year too.

There is a glut of new commercial office space in Atlanta - especially in Buckhead - and the condo market is extremely over-built.

Now... if they could just finish, or scrape back to dirt and plant grass, the "Streets of Buckhead," I will be very pleased - tired of seeing the giant cranes that are still in place at that construction site act as weather vanes for the past few years.

Printer Friendly | Permalink |  | Top
 
Blue_Tires Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Apr-06-11 09:21 AM
Response to Original message
2. Developed way too much,way too fast
I lived in Atlanta in the 90s and I could see this coming then...
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Aug 30th 2014, 01:22 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC