Bank Of America Plaza So Close To Becoming Epicenter Of Irony

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]

Comments

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  1. kevinroyalty says:

    oh the irony!

  2. smartmuffin says:

    They should just walk away. Even if they can pay. They were probably the victims of predatory lending, you know?

  3. PHRoG says:

    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. :P

  4. Loias supports harsher punishments against corporations says:

    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).

  5. GMFish says:

    Don’t worry, if BOA is involved the skyscraper next door will be mistakenly foreclosed upon and demolished.

    • whogots is "not computer knowledgeable" says:

      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.

    • pythonspam says:

      If they mistakenly knock down the Varsity, there will be Words spoken.
      Up to, and including, an entire city of fisticuffs.

    • vapidincarnate says:

      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!

  6. Anathema777 says:

    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.

  7. blogger X says:

    I call dibs on the 17,014 square feet executive health club.

  8. Cor Aquilonis says:

    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!

  9. GoPadge says:

    Not to nitpick, but NationsBank bought BofA specifically to get the name.

  10. DrLumen says:

    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.

  11. ptkdude says:

    Hey! I can see my office in the picture!

  12. SPOON - now with Forkin attitude says:

    I admit, I laughed.

  13. Oly_WA says:

    YES!! Get your accounts out of BofA – bring them down!

  14. Kyle says:

    If Bank of America forecloses on Bank of America Plaza, will they have divided by zero?

  15. selmorestuff says:

    I’d ask them to inventory the dang things and prove they have one sale too many.
    My next advise willl cost you.

  16. gman863 says:

    Looks like somebody entered eighty cents too little on their touch-tone mortgage payment…

  17. oldwiz65 says:

    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.

  18. DrRonster says:

    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.