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]