$363 million mortgage balance might put Bank of America Plaza Tower in default

Atlanta’s tallest building, the 55-story Bank of America Plaza in Midtown, had their mortgage transferred to special servicing, according to Doug Sams with the Atlanta Business Chronicle.

Fitch Ratings, an international ratings agency, said the building owner faces “imminent default.”

Those same reports indicate the balance of the mortgage on the property is $363 million.

Located at 600 Peachtree St NE at the corner of North Avenue and Peachtree Street, Bank of America Plaza encompasses 1.25 million square feet and is the tallest building in the Southeast.

The building is also the sixth tallest office tower in the U.S. with the distinctive 23-karat gold-leafed spire.

In 2006, BentleyForbes, the Los Angeles-based commercial real estate company, bought the property from Atlanta-based Cousins Properties Inc. for $436 million.

The tower’s largest tenant, Bank of America, recently downsized its space needs in the building, and its rents were reduced by nearly half to $18.75/SF, according to Reuters.

Bank of America Plaza Tower
600 Peachtree St NE
Atlanta, GA 30308