Behringer Harvard is reportedly in default on the Paces West office complex located at 2727 Paces Ferry Road SE in Atlanta, about a mile from I-285 and I-75 in Buckhead. Behringer Harvard bought the property in 2006 from Equity Office for $104 million, or about $176/sf, and secured a new $84 million CMBS loan for the property.
Built in 1987, the 646,000 square foot two-building property was 82% occupied by tenants including Piedmont Hospital and Docucorp at the time of sale. LNR Partners is the special servicer for the debt holders.
[...] is only the latest high-profile assets to go REO in Atlanta. Others include the W Hotel, Paces West, Mansion on Peatchtree and Tower Place [...]