Downtown building faces foreclosure

Two prime pieces of real estate in Atlanta, including an office building visible to thousands of commuters along the downtown connector, could get auctioned on the Fulton County Courthouse steps Tuesday.

The properties are 55 Allen Plaza – the headquarters of Ernst & Young in Atlanta – and 50 Allen Plaza, the lot that was to hold developer Hal Barry’s 46-story centerpiece in his Allen Plaza development. That tower never got built, but Barry had been holding the parcel for future development.

The foreclosure notices were listed in the March 30 Fulton County Daily Report. Still, last minute negotiations between property owners and lenders can prevent an auction. Barry already lost control of the W Hotel & Residences downtown, also in Allen Plaza.

An attorney representing Lincoln Property Co., which is managing the property for the State Teacher Retirement System of Illinois, had no comment. The teachers’ fund placed the foreclosure notice after taking over a loan from Bank of America.

Barry could not be reached for comment Monday, and a spokesman for Lincoln Property declined comment.

About the Author

Rachel Tobin

Norfolk Southern and Union Pacific shareholders OK merger. Here’s what’s next.

The proposed mega-railroad company would be headquartered in Omaha, Nebraska, sending anxiety through the company's Atlanta ranks, where Norfolk Southern is based.

1h ago

Atlanta area home prices fell in October with steep declines in some places

Metro Atlanta's median sales prices dropped in October as more inventory is on the market.

UPS says $10M tax break needed to retain nearly 1,700 jobs near Atlanta

A DeKalb County board approved a $10.1 million property tax break that UPS said would spare a more than 40-year-old facility near Doraville from the chopping block.

1h ago

The Latest

Credit: Special

Beyond the odometer: What matters most in a used car

Why your car’s safety tech needs maintenance, too

OPINION

Saying goodbye to the Porsche 718 Cayman — for now

Featured

Credit: Bloomberg via Getty Images

Prosecutor takes helm of Georgia case against Trump. But will he move forward?

A veteran Georgia prosecutor will decide the fate of Fulton County District Attorney Fani Willis' election interference case against Donald Trump and his allies.

With some solar power tax breaks expiring, Georgians rush to catch the sun

Georgia solar installers say they’re seeing a surge of customers trying to install rooftop solar systems before federal tax credits go away at the end of the year.

‘Automatic for the People:’ Weaver D’s still bonds Athens as era nears end

After feeding everyone from R.E.M. to Brian Kemp, and coining a phrase that went global, Dexter Weaver is preparing to close his storied Athens soul food restaurant.