ATLANTA (July 8, 2011) - Bank of America, advised by CB Richard Ellis, is marketing the $117.5 million (performing) loan to Tishman Speyer that's secured by Two Alliance Center in Buckhead. That's the scoop from today's edition of Commercial Mortgage Alert newsletter.
The floating-rate loan, scheduled to mature next year, was originated in 2007 to replace the construction loan on the 30-story, 493,000-square-foot office tower on Lenox Road, CMA reports.
More than 80 percent leased, thanks to Tishman Speyer landlord reps Peter Kasian and Chris Ahrenkiel, Two Alliance Center has been one of the success stories emerging from the Buckhead office mini-boomlet. Over the past couple years, developers erected several half-million-square-foot office towers within a six-block radius, leading ULI's 2009 Emerging Trends report to predict, "a bloodbath is coming to Buckhead."
Two Alliance Center's stability - none of the leases there expires before 2018 - Commercial Mortgage Alert expects Bank of America's offering to appeal to investors looking for a safe, short-term bet.
CBRE will take bids on the BofA loan the week of July 18, CMA says.