Skyline Views

Lender Takes Back Bank of America Plaza (w/photos)

4 p.m. UPDATE: In the end, the Bank of America Plaza event proved somewhat anti-climatic. There was full-blown bidding war, and no one had to break out $250 million in cashier's checks.

The lender, a consortium of investors, took back the trophy tower - using its own interest in the 55-sty tower as legal tender. Next step: Look for the group to market the tower for sale.

Nevertheless, the scene at the courthouse was dramatic. News outlets from across the country convered on the court administrator as he read the legal notice. And, yes, things got sideways when Occupy Atlanta joined the fray. (See photo for proof.)

Now, the real bidding war starts.

 

ATLANTA (Feb. 7, 2012) - Today is the biggest news day ever in Atlanta commercial real estate.

Bank of America Plaza, the tallest office tower ever to be foreclosed on, likely will be auctioned on the Fulton County Courthouse steps. It won't be an auction with an auctioneer quickly soliciting bids, but several potential buyers could quietly compete for the 55-story tower at 600 Peachtree St. (Thanks, Wikipedia for the photo.)

If it auction occurs, the winner will need to produce cashier's checks for millions of dollars. The winning bidder will walk inside the courthouse, hand over the checks and get title immediately.

Press from across the country and around the world are expected to cover the event. Even Al Jazeera's English network has called, seeking information about the auction. Mix in the potential that Occupy Atlanta will show up to heckle Bank of America (now a much-smaller tenant in its namesake building), and the auction will be quite a spectacle.

The lender likely will attempt to buy back its loan. Insiders also say they won't be surprised if Cousins Properties, the tower's original developer, make a bid. Today will be incredibly interesting in the world of CRE news.

Atlanta Contractor Could Gain Control of Stalled Jacksonville Condo Tower

ATLANTA (May 19, 2011) - A fascinating battle is unfolding south of the (Georgia-Florida) border, and it doesn't involve Bulldogs or Gators. It's a legal fight between a well-known Atlanta contractor and a developer who built tens of thousands of apartments in the city - and once owned the Atlanta Knights hockey club. 

Choate Construction and the developer of Berkman Plaza 2, a condo tower on Jacksonville's waterfront that's been stalled since December 2007, are facing off over a lien. Choate is seeking to foreclose on the property, according to a Sunday story in the Florida Times-Union. (The photo at left comes from LoneStarMike of SkyscraperPage Forum.)

In February, Choate announed that an arbitrator ruled in the contractor's favor, and Choate - a leinholder - has filed a notice to foreclose on the property, the Times-Union reports. A court hearing in the matter is slated for August.

The condo tower, developed by David Berkman, a longtime Atlantan who now lives on Amelia Island, Fla., explained way back in 1996 why he enjoyed owning real estate. "I always wanted something to work for me seven days a week," Berkman said. "I always wanted to own real estate. I don't know why." Read more: David Berkman ices deals | Atlanta Business Chronicle 

Now Berkman will have to fight to hold on to his namesake tower. A hearing on the foreclosure has been set for August, the Times-Union reports.

 

 

 

 

Miami Firm Slated to Close Next Month on Equitable Building

By Tony Wilbert, WNS PR

ATLANTA (Aug. 31, 2010) - News that America's Capital Partners had contracted to buy downtown Atlanta's landmark Equitable Building caught most off guard when Real Estate Rooster broke the news last week.

Now comes word that ACP, the Miami-based investment firm, will close on its acquisition Sept. 28, after a slight delay due to the extra time needed to figure out all the easements involved with the downtown tower's location. Acquiring the Class B office tower would be an intriguing move for America' Capital Partners after the mixed results it had at Peachtree Center before selling its managing partner position to Eola Capital.

Neither ACP nor listing broker Will Yowell of CB Richard Ellis commented in Rooster's report. However, Rooster reporter Bailey Webb says ACP will pay $27 million, or $44 a foot for the 35-story, 615,000-square-foot building. The owner is Capmark Financial Group, which foreclosed on the building in April 2009.

For ACP to make Equitable work, it probably needs to rename and reintroduce the tower and pour some decent money into it. The new owners also would have to figure out how to best present the tower's location across Peachtree Street from Woodruff Park.

We'll follow this story closely in the mainstream press and opine further as things develop.