Big Drop in Value for Atlanta Trophy

Posted by Daniel Jones on Apr 5, 2011 5:31:00 PM
55 Allen Plaza Bought by Lincoln Property for Pension Fund

The Atlanta Journal-Constitution


The end of the Atlanta real estate development scene's heyday has been well chronicled in stories of sparsely occupied office buildings, vacant lots and near empty condominiums. The latest sobering chapter was written Tuesday morning in the shadowy chill on the Fulton County Courthouse steps.

Auctioned was 55 Allen Plaza, one part of a dream mega-project envisioned by prominent local developer Hal Barry. There were no takers, save for the Teachers Retirement System of the State of Illinois, the pension fund that acquired the debt on the project last month from Bank of America.

Lincoln Property, a Dallas-based commercial real estate firm, acting on behalf of the teachers' fund, acquired the prime property for $57 million. That represents an eye-popping discount from the original $83 million loan, and stacks up as a bargain.

The four-year-old, 350,000-square-foot Class A office tower counts prime tenants...
http://www.ajc.com/business/55-allen-plaza-bought-899383.html
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