55 GOES TO LINCOLN
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|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.|
|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.|