REO Monitor: High Profile Atlanta Assets

Following two recent posts of commercial REO activity in the Atlanta area (including the Mansion on Peachtree and the Midtown Residence Inn), we decided to do a bit more research. There appears to be a slew of high-profile foreclosure actions in the Atlanta area. A short list of them include:

Campanile Plaza: Located at 1155 Peachtree Street, this 20-story office tower consists of 440,000 sf. The building served as the former home of BellSouth executives before the company was acquired by AT&T. Chicago-based Transwestern Investment purchased the building in September of 2007 for $97.7 million from AT&T. At the time of closing, the building was 23% occupied and Transwestern began a $15 million renovation. Now 85% vacant, Wells Fargo is owed over $98 million on this asset. A foreclosure notice was filed on the property in January.

Tower Place 200: CW Capital Asset Management took over this asset on behalf of GS 2006-GG8 CMBS holders. This, too, was a Transwestern-owned building, prior to the appointment of PM Realty as receiver. Transwestern bought this asset for almost $58 million in July 2006 from Ohio Police and Fire Pension Fund. Upon the acquisition of the property more than $50 million of CMBS debt was placed on the property.

One Buckhead Plaza: Barclays Capital got this one back, following Morgan Stanley’s decision to hand the keys back on their privatization of Crescent Real Estate Equities, after they couldn’t refinance $2 billion of outstanding debt. Consisting of 460,000 sf, this building is still 91% leased to major tenants including UBS and Morgan Keegan. Barclay’s has since teamed up with the Crescent’s previous Chairman, John Goff, in an effort to recoup their investment.