ATLANTA — Atlanta’s tallest skyscraper has been taken back by its lender in a foreclosure auction.
The Atlanta Journal-Constitution reports that the 1,023-foot Bank of America Plaza was auctioned Tuesday for a “credit bid” of $250 million. That means the commercial mortgage backed security bought the tower with the interest in the building rather than cash.
The tower was bought for a record $436 million in 2006 by Los Angeles-based real estate firm BentleyForbes. The firm missed mortgage payments, putting the building in foreclosure.
Emporis, a German company that maintains an extensive database of buildings around the world, says the 55-story skyscraper is the tallest building in the South and the tallest building in any state capital in the U.S.