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Posted: 9:50 PM Feb 7, 2012
Atlanta's Tallest Skyscraper Sold at Auction
Atlanta's tallest skyscraper has been taken back by its lender in a foreclosure auction.
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ATLANTA (AP) -- Atlanta's tallest skyscraper has been taken back by its lender in a foreclosure auction.
The Atlanta Journal-Constitution reports that the 1,023-foot Bank of America Plaza was auctioned Tuesday for a "credit bid" of $250 million.
That means the commercial mortgage backed security bought the tower with the interest in the building rather than cash.
The tower was bought for a record $436 million in 2006 by Los Angeles-based real estate firm BentleyForbes.
The firm missed mortgage payments, putting the building in foreclosure.
Emporis, a German company that maintains an extensive database of buildings around the world, says the 55-story skyscraper is the tallest building in the South, and the tallest building in any state capital in the U.S.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
