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发帖数: 901 | 1 The largest, tallest skyscraper in the Southeast U.S. – the 55-story Bank
of America Plaza in Atlanta – is going to auction on the courthouse steps
tomorrow. The $363 million BofA Plaza loan became delinquent in December
2011 after the owner, commercial real estate firm BentleyForbes, stopped
making payments.
In Atlanta's largest real estate deal, BentleyForbes bought the 1.25 million
-square-foot building in 2006 for $436 million from Bank of America and real
estate investment trust Cousins Properties. Since the 2007 peak, the Plaza
has lost 54% of its value… The Plaza was appraised in March at $202 million.
While the Plaza is the highest-profile Atlanta building in delinquency, it's
far from the only one… Atlanta has the highest rate of late payments on
commercial mortgage-backed securities (loans on commercial property that
have been bundled into securities) at 25.3%. That's up from 10.4% a year ago
and more than triple the national average of 7%.
BentleyForbes paid $348.80 per square foot for Bank of America Plaza in
2006. Replacement cost is around $320 per square foot. The new buyer could
conceivably buy this trophy property for half of replacement costs. That's a
great deal. You just have to have enough cash to cover the note while
improving the building and attracting new tenants. Its biggest tenant, Bank
of America, said it would reduce the space it leases from 30% to 15%… and
the rate will drop by half, Fitch Ratings said in a December report. Ernst &
Young, which had leased 196,000 square feet, left for a new building in
2007.
The 1,023-foot-tall tower would be the tallest in the U.S to go into
foreclosure since 2007. In March 2009, Boston's John Hancock Tower – New
England's tallest skyscraper at 790 feet – was sold at auction for $660
million to Normandy Real Estate Partners. (The building was appraised at $1.
3 billion in 2006.)
Then, Normandy sold the Hancock Tower one year later to Boston Properties
for $930 million, a 41% gain. |
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