Bank of America Plaza, the tallest building in Atlanta, went on the auction block today, in a perfect example of things that go around you know, coming around. How does that medicine taste now, Bank of America? Your landlords missed mortgage mortgage payments and now they have to sell. We’re sure that must be soo hard.
The Atlanta Journal-Constitution says landlord BentleyForbes wasn’t paying the mortgage on the 55-story building, the Southeast’s largest skyscraper and the biggest building in any U.S. capital city, and it was set to be auctioned today.
BentleyForbes snatched up the tower in 2007 for $436 million, right before the real estate market went bust. They’ve been trying to avoid default on their main $363 million loan, to no avail.
The history of the building’s name parallels that of 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 BofA and the building underwent yet another name change.
Anyone who nabs the tower at a discount could turn around and lease space in it for below market rent, a competitive advantage, says one expert in the field. And they can choose a newer, happier name for it! Like maybe the “Go Away Forever Recession Tower” or “Cheese Is The Best Food In The Entire World Plaza.” Just a few suggestions.
While the skyscraper isn’t owned by Bank of America — nor is BofA the building’s main tenant — but we like to think that having your name attached to a huge building in foreclosure must rankle BofA just a teeny bit. In the words of our tipster Jeff, “Is this not sweet justice?”
Bank of America Plaza to be auctioned today [Atlanta Journal-Constitution]
More From Consumerist
-
Bank Of America Tries To Undo Foreclosure On Home It Didn’t Hold Mortgage For, Fails
-
Bank Of America Says It Has Stopped Creating Zombies From Dead Accounts
-
Bank Of America Provided Cheat Sheet To ‘Independent’ Foreclosure Reviewers
-
Bank Of America To Pay Woman $300K It Owed For Trying To Foreclose On Her 4 Years Ago
-
Bank Of America Dead Last In Customer Satisfaction Study
Nyah nyah!!!
Revenge is best served cold – with lots pf hot sauce!
[Points at Bank of America Tower]
Ha! Ha!
It would be more accurate to say that NationsBank gobbled up BofA and then kept the BofA name – same as SBC/PacBell gobbling up AT&T keeping the more valuable brand. BofA headquarters was in San Francisco. After the ‘merger’ the headquarters of the new banking behemoth was Charlotte – not SF.
Or when Norwest Bank gobbled up Wells Fargo but decided to keep that name.
Essentially BOA just has naming rights…. which won’t change just because the owners defaulted on the loan.
BOA isn’t even harmed by this… in fact they might benefit since they can possibly reneogiate their lease, offer to sell or end their agreement surrounding naming rights, or they may even consider buying the properly at a reduced rate.
or someone could buy it and change the locks on the bank of america offices over the weekend without notifying the tenants, and move all their stuff onto the street and cut off the power, letting the swordfish in the fridge spoil.
Karma Plaza
ding! ding! ding! We have a winner!
I will be disappointed if they choose any other name.
/nelson muntz laugh
Sweet………
Whats the difference between missing their mortgage payment and missing their mortgage mortgage payments?
Mortgage mortgage is when you have more mortgage than normal.
Pretty sure that Little Caesar’s has a mortgage mortgage.
Send in the clean-out crew.
To the plaza next door.
Just a note, NationsBank was not gobbled up by Bank Of America. NationsBank acquired Bank Of American and then took the far more recognizable name.
Not so much sweet justice, one building of theirs verses how many countless homes they ruined via foreclosures and fraud.
So really BoA has very little (read; NOTHING ) to do with this except being a minor tenant with its name on the building, Consumerist thinks this is funny and news worthy because of petty BS?
Maybe change the name of the site to Cuntsumerist
I say buy the tower, boot BoA out of it…
Then, rename the tower “Tower formerly known as BoA Tower” and have it be just a symbol of a middle finger. Now THATS classy.
Actually, Bank of America didn’t gobble up Nationsbank it was the other way around. Nationsbank took over Bank of America but decided to take the name of the company it took over much the same way as SBC corporation took over AT&T, but took the name of the company they took over rather than the original company’s name. “NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina.[1] In 1998, it acquired BankAmerica to become Bank of America.” https://en.wikipedia.org/wiki/NationsBank