The U.S. foreclosure crisis has risen to new heights and the atlanta's 55-story Bank of America Plaza, the tallest tower in the Southeast is set to be sold at an open outcry auction on the steps of the Fulton County Courthouse tomorrow after landlord BentleyForbes missed mortgage payments in bought the skyscraper in 2006 for $436 million from Bank of America Corp and Cousins Properties Inc. in the city's biggest property deal.
The property market peaked a year later in the 1.25 million-square-foot (116,000-square-meter) building has lost 54 percent of its value, Bank of America, its largest tenant has reduced space and bond investors who helped finance the purchase are on the hook for losses to according to data compiled by Bloomberg.
It is a fine building, a beautiful building, and still very much a landmark,” said Kirk Diamond, senior managing director at broker Cassidy Turley, in Atlanta to just needs to be recapitalized and written down to a market level to be able to compete effectively in atlanta's office market is a victim of overbuilding and inflated real-estate prices fueled by issuance of commercial mortgage backed securities that peaked in the U.S. at $232 billion in 2007.
The property market peaked a year later in the 1.25 million-square-foot (116,000-square-meter) building has lost 54 percent of its value, Bank of America, its largest tenant has reduced space and bond investors who helped finance the purchase are on the hook for losses to according to data compiled by Bloomberg.
It is a fine building, a beautiful building, and still very much a landmark,” said Kirk Diamond, senior managing director at broker Cassidy Turley, in Atlanta to just needs to be recapitalized and written down to a market level to be able to compete effectively in atlanta's office market is a victim of overbuilding and inflated real-estate prices fueled by issuance of commercial mortgage backed securities that peaked in the U.S. at $232 billion in 2007.
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