By Tony Wilbert, WNS PR
ATLANTA (Feb. 6, 2012) - The most-significant commercial real estate finance conference in America kicked off here this morning, just as a national spotlight shined on the economic woes of the city's tallest office tower.
MBA's Commercial Real Estate/Multifamly Housing Convention & Expo is happening right now at the Atlanta Marriott Marquis downtown. Atlanta scored a coup when it landed the annual conference of the top players in commercial real estate finance. MBA deems its conference as "the first must-attend event in the new year for every commercial/multifamily finance industry professional." And it's right.
Hours before the opening keynote speech was delivered today, Bloomberg Businessweek published a story about the potential foreclosure on Bank of America Plaza. BofA Plaza is an iconic office tower in Atlanta, and one of the tallest in the United States. Unless an agreeement is worked out - or the foreclosure proceedings delayed - the 55-story tower is scheduled to be auctioned Tuesday at the Fulton County Courthouse.
“It’s a fine building, a beautiful building, and still very much a landmark,” said Kirk Diamond, senior managing director at broker Cassidy Turley, in Atlanta, told Bloomberg Businessweek. “It just needs to be recapitalized and written down to a market level to be able to compete effectively.” (Cassidy Turley is a Wilbert News Strategies client.)
The potential auction would make for an interesting field trip for MBA convention-goers. Stay tuned.
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