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NOTABLE READ: Atlanta Tallest Building May Meet It’s Fate

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Speculation has circled over the economics of the building for the past couple of years. The current owner LA-based BentleyForbes (interesting aside – the name BentleyForbes was chosen by the company for the respective names’ association with luxury products rather than, for example, being owned by guys named Bentley or Forbes) bought the building for $436 million in 2006, and at the time, set the bar in Atlanta for highest purchase price per square foot of office space. After purchasing the building at a premium at the top of the market, the rest of the story is emblematic of the greater real estate bust. The building lost tenants, office supply in Atlanta shot up, and despite maintaining a respectable occupancy rate, the rent roll ceased to service the carrying cost of the building.

BentleyForbes hasn’t stood still while the building has lost money. A luxury hotel was proposed for several floors of the building, redevelopment of the undeveloped land into street level retail was explored, and the owners courted the Atlanta Development Authority about providing municipal bonds to redevelop the property. Ultimately, little has changed for Atlanta’s signature tower except less occupied office space.

Should the lenders foreclose, an interesting suitor of the building could be…

Whole Article

 

Written by One

January 10, 2012 at 1:59 PM

Posted in Business, World News

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