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55 GOES TO LINCOLN

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55 GOES TO LINCOLN
We were on the scene just hours ago when 55 Allen Plaza wasauctioned off on the Fulton County Courthouse steps. But with a minimum bid of $57M, there were no takers. The upshot? Lincoln Property acquired the building on behalf of Illinois Teachers Pension Fund for that amount.
 
HOLLAND knight matthew joe 55 allen plaza foreclosure fulton county courthouse steps april 5 2011 hal barry lincoln property illinois teacher pension fund
Here we have Holland & Knight's Matthew Joe on the far left reading the foreclosure notice to a throng on the courthouse steps. The auction was one hurdle that Lincoln had to jump in order to get clear title to 55 Allen Plaza, a loan originated by Bank of America to Barry Real Estate for $83M. Last month, it bought Hal Barry?s troubled loan from Bank of America but had to go through the foreclosure process in order to get the deed. Now, the Dallas-based firm will handle leasing and management of the property. At 74% occupancy, the tenant roster includes Ernst & Young, Skanska, Cushman & Wakefield, and ASD. ?Lincoln intends to focus on leasing the remaining 80k SF of available office space and providing top-quality management for the existing tenants at 55 Allen Plaza,? says Southeast Region SVP Tony Bartlett. The 350k Class-A office tower opened in May 2007.