Saturday, February 12, 2011
Bank of America Plaza headed for default | Atlanta Business Chronicle
Bank of America Plaza headed for default | Atlanta Business Chronicle: "BentleyForbes, the Los Angeles-based commercial real estate company, bought the property from Atlanta-based Cousins Properties Inc. (NYSE: CUZ) in 2006 at the top of the market for $436 million. Since then, it has seen its namesake tenant, Bank of America Corp. (NYSE: BAC), significantly downsize in the tower, and rents fall across the Atlanta office market as the Great Recession took hold, seriously undercutting the once lofty value of the building."
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