Ever since it stupidly acquired Countrywide Financial — and all of that company’s toxic home loans — the Bank of America name has become synonymous with rampant, and occasionally screwed-up, foreclosures. Now the tallest building in Atlanta is facing foreclosure — and it just happens to bear the BofA name.
According to the Atlanta Journal Constitution, Bank of America Plaza is on the verge of falling into foreclosure while the real estate investment firm that currently owns the building tries to work out a deal that would prevent the property from being seized.
The history of the building’s name demonstrates a close link to the merger-happy banking industry of the previous two decades. Before construction began, it was to be the C&S Plaza, named for Citizens & Southern National Bank. But before the doors even opened, C&S was purchased by NationsBank, whose name was slapped on the skyscraper. Only a few years later, that bank was gobbled up by the BofA boys, and the building underwent yet another name change.
So even though BofA is not the largest tenant in the building, it only seems appropriate that its Atlanta outpost is facing the hangman’s noose.
Bank of America Plaza closer to foreclosure [AJC.com]
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oh the irony!
They should just walk away. Even if they can pay. They were probably the victims of predatory lending, you know?
Agreed.
Well, if not the victims of it, I’m sure predatory lending was involved in the problem somewhere…
Isn’t this just a tad misleading? If I recall, it’s not owned by B of A, instead they have naming rights. If anything, the foreclosure would make them the new owners, giving a new meaning to the name they already paid for.
Do we know that BoA actually manages the loan for this property. It would be better if Chase was servicing the loan, they foreclose, then Chase would Own the Bank of America Building
They are tenants and the building is owned by BentlyForbes. I don’t know who has the loan though. http://en.wikipedia.org/wiki/Bank_of_America_Plaza_(Atlanta)
The article does say that an investment firm currently owns the building. It’s still called Bank of America Plaza though – I pass by it at least 3 times a week. BoA on both sides of Peachtree.
Anyone who faults homeowners for walking away from their underwater homes should also do so for BoA should they leave this one out to dry – and truly, all businesses who do this (See: All Businesses).
Thereby ironically adding another bit of irony to their ironic collection of irony. Ironically.
Ooops, wrong place….
BofA doesn’t own the building, although the story sort of glosses over this fact because it’s more important for the story to be amusing then factual.
Well this *is* the Atlanta Journal-Constitution here. You can’t expect it to be completely factual!
Except that the Atlanta Journal-Constitution has it right.
Don’t worry, if BOA is involved the skyscraper next door will be mistakenly foreclosed upon and demolished.
I don’t know how to frame this wittily, but there actually was a large office building adjacent to this site that was demolished about two years ago.
It was a lot more than 2 years ago if we’re talking about the same building: http://www.youtube.com/watch?v=o1Vu15D_0oI
If they mistakenly knock down the Varsity, there will be Words spoken.
Up to, and including, an entire city of fisticuffs.
The skyscraper next door (just to the left and behind the tower in the picture) is the AT&T building (actually owned by AT&T, not just branded).
So, yeah — demolish away!
I think you missed the real irony. Bank of America doesn’t own the building, the BentleyForbes Group does. You know, the real estate investment company.
Thereby ironically adding another bit of irony to their ironic collection of irony. Ironically.
Alanis Morisette is so jealous.
She shouldn’t be jealous.. she should be caned for causing so many people to misuse “irony” in sentences.
I call dibs on the 17,014 square feet executive health club.
Wait, upon reading the article, wouldn’t this mean that BofA is renting, and the real estate syndicate is falling into foreclosure to unknown lenders? If so, it would be absolutely hilarious if an independent third party foreclosed property cleaning service came in and threw all of BofA’s stuff on the sidewalks outside.
Justice-ish!
Not to nitpick, but NationsBank bought BofA specifically to get the name.
While a bit humorous it won’t make any real difference. Whomever forecloses on the property will try to keep all the existing tenants including BofA.
Hey! I can see my office in the picture!
I admit, I laughed.
YES!! Get your accounts out of BofA – bring them down!
If Bank of America forecloses on Bank of America Plaza, will they have divided by zero?
I’d ask them to inventory the dang things and prove they have one sale too many.
My next advise willl cost you.
Looks like somebody entered eighty cents too little on their touch-tone mortgage payment…
Oh yes! foreclose them! Seize all the BofA office property and toss it out on the street like they do to homeowners. Padlock the doors so they can’t get back in either. Give them a taste of their own medicine and let the people know so they can come down and loot the BofA office stuff as payback for BofA looting their homes and taking their personal property as well.
BoA only has naming rights to the building. The big question here should be about strategic defaults, whether by individuals or businesses. It only makes sense that a business is able to walk away when they are underwater, as long as they have another location they can utilize. The same should be available to the individual if and only if their loan cannot be modified to the current low interest rates. I would rather take a hit on the tax deduction than on the mortgage payment. The biggest problem is that the banks are not lending at these interest rates for underwater mortgages.