One Alliance is 21.6 percent vacant — several points higher than the average top-tier Buckhead office tower, according to data from real estate services firm Jones Lang LaSalle.
Property values and rental income generally are lower than when Tishman Speyer bought the property, making it difficult to adjust the loan.
“Once the property’s income was insufficient to support its debt, we tried to restructure that debt in order to retain ownership,” Tishman Speyer said in the statement. “But we couldn’t reach an agreement to do so.”
Tishman Speyer has recently reshuffled its holdings, including selling Two Alliance Center and bringing in distressed real estate firm Rialto Capital Management as an investor in its Colony Square and Midtown Plaza properties.
The firm still controls a building site for a future Three Alliance Center and has been rumored for more than a year to be marketing the land to potential office space tenants for a future skyscraper.
The company said the situation with One Alliance Center does not affect its other investments, including the planned Three Alliance site. The statement said the company “look(s) forward to creating another iconic addition to the skyline there.”