Bank of America Plaza in Atlanta
ATLANTA (WXIA) -- The Bank of America Plaza building was sold in a foreclosure auction on the steps of the Fulton County Courthouse Tuesday.
The 55 story building, presently the ninth-tallest building in the US, and went for $235 million -- down 46 percent from what the BentleyForbes Group paid for the building in 2006.
PHOTOS | Bank of America Plaza goes on auction block
A company affiliated with the bondholders placed the $235 million credit bid on the building to take title to the property.
BentleyForbes paid $436 million for the skyscraper in 2006, at the height of the real estate market boom. The company has been trying to find a capital partner to help restructure the mortgage, but time ran out on them.
"BentleyForbes worked closely with LNR for more than a year to identify a viable way forward at Bank of America Plaza that could have stabilized the tower's capital structure and moved past the challenges the property faces in the current market environment," said Brent Ware, executive vice president with BentleyForbes, in a statement. "After careful consideration and negotiation between all parties, the transfer of ownership of Bank of America Plaza to LNR as special servicer for the CMBS bond holders they represent became the clearest way forward for reorganizing the tower's capital structure. BentleyForbes is now prepared to move forward from this point with an eye to the future, knowing that the challenges of market realities dictated the outcome of these negotiations."
Only one other bid was placed on the property, for $100,000.
(The Atlanta Business Chronicle contributed to this report)