Atlanta’s tallest building heading for foreclosure

January 17th, 2012 davidguide
Diane Alter – AHN News Reporter

Atlanta, GA, United States (AHN) – Oh how the tall and mighty have fallen.

Atlanta’s tallest building, Bank of America Plaza, a tower bought at the market peak, has been struggling with rising vacancy rates and a heavy debt load.

A foreclosure date has been set for the storied tower. According to a public notice, the building will go up for auction on Feb. 7.

The foreclosure auction comes three months after owner BentleyForbes Group LLC, a Los Angeles real estate firm, defaulted on its $363 million mortgage.

Since then, the company has been in negotiations to restructure its debt.

According to a statement from BentleyForbes, the company “remains committed to work with its financial partners” to stabilize the capital structure of the 55-story, 1,024-foot tower.

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