Oh, the Irony! Bank of America Plaza in Atlanta Faces Foreclosure

Oh, the Irony! Bank of America Plaza in Atlanta Faces Foreclosure By InvestorPlace Staff

Atlanta's Bank of America Plaza is one of the 10 tallest structures in the U.S. And thanks to troubles at its namesake Bank of America Corp. (BAC) and other one-time tenants, the skyscraper could be one of the tallest foreclosure tales of the financial crisis as it struggles to meet its debt service and offices remain empty.

The Altanta Journal Constitution newspaper writes that, "a company that specializes in troubled loans is making preparations for a possible foreclosure [of Bank of America Plaza] while negotiations continue on a deal to try to prevent the property from being seized by the lender, according to a report by Trepp, a real estate research firm."

To be clear, the tower is owned by California-based commercial real estate firm BentleyForbes -- not Bank of America. BentleyForbes bought the 55-story tower at the height of the nationwide real estate boom under the premise that it could get big rents for tenants clamoring for office space.

Obviously, things have changed.

The $363 million loan on Bank of America plaza went to LNR Partners in February, while a second loan had been in default for non-payment.

Obviously Bank of America isn't the one holding the bag on this property, but it's hard to ignore the direct relationship between the boom and bust or real estate and the boom and bust of U.S. financial institutions over the last decade.


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mrchevman468

there is noway they can they get 0 percent money from the goverment this is all a bunch of bs. I hope every american closes there account with BOA and Wellls Fargo.. and go else where to get loans. Its Time We punish Big corp Banks that dont care about You or us as we help them grow and get nothing back from them but Atm fees and then more fees

January 11 2012 at 9:02 AM Report abuse +2 rate up rate down Reply
Vito

I hope their negotiations go as well as mine went when I lost 16 single family homes because of huge property tax increases in Indiana. Yep I'm sure the mortgage company will bend over backwards to help save the mortgage. Maybe Obama should bail them out.

January 11 2012 at 7:40 AM Report abuse +1 rate up rate down Reply
Karen Anne

The American Dream was always different for different people but for more than a decade, the dream of most Americans has changed and has been concentrated over the same thing – saving and owning their personal properties and avoiding foreclosure.
http://www.foreclosurewarehouse.com/

January 10 2012 at 10:58 AM Report abuse +4 rate up rate down Reply
maloontransllc

This is the problem with the So called news media.. Headlines like that ! And to the people that hate Bofa lets not forget that the Feds forced them to take over Country wide and now are fining them thru the nose for country wides lending woes. I am no fan of the big banks but at least lets realize what our wonderful president and these crooks in the senate Nancy Harry and the rest of the thiefs have been doing. The problem with our economy is the goverment has stuck there nose into our lives way to long and cant stop throwing our money out the window.

January 10 2012 at 9:50 AM Report abuse +3 rate up rate down Reply
billcac

Donut999, I didn't read the article so you are right, I thought they were foreclosing on themselves or they went to another bank for financing and that bank was going to forclose on BAC

January 09 2012 at 4:23 PM Report abuse +1 rate up rate down Reply
donut999

What a cheap shot and misleading headline. It takes him until half way through the article to "mention" BAC is just a tenant. Most people only read the headline. Evident from the 2 comments below.

January 09 2012 at 2:53 PM Report abuse +2 rate up rate down Reply
1 reply to donut999's comment
janswizz

They deserve "cheap shots" .

January 09 2012 at 3:14 PM Report abuse +2 rate up rate down Reply
billyjoeobama

I love it HAHAHAHAHAHAHAHA........FUTHER MUCKERS !

January 09 2012 at 1:25 PM Report abuse -2 rate up rate down Reply
Mike

Poor banksters boo hoo, leave the theiving fed res system and exchange their worthless paper for real gold/silver money! We can fir them by choice! Got gold?

January 09 2012 at 11:58 AM Report abuse +1 rate up rate down Reply