55 Park Place Sale Down To Wire
Final offers are in. Now we're waiting to see whos the new, proud owner of 55 Park Place. (This is a better nail biter than The Voice.)
Several sources say the race to buythe 555k SF Downtown tower is down to five parties, culled from a dozen initial offers--which says a lot about office investors favoring Atlanta again.Best-and-final offers were due yesterday, but Cushman & Wakefield--which is handling the sale for special servicer C-III Asset Management--declined to comment. (Darn, no spoilers.) Pricing is expected to exceed $30M (or $55/SF), which is sharply below both the original loan amount and replacement cost.
We learned one of the bidders was Fairlead Commercial Real Estate(above, its exec Jeff Shaw, who declined to comment but appears to be topping our high score on Angry Birds: Star Wars). The tower is more than 70% leased, according to Trepp, with Georgia Pacific taking 332k SF. But the lead tenant is subleasing a majority of its space, which expires in 2014. (It's the reason Koch Business Systems is scouting the Downtown market, as we reported here.) C-III took over special servicing from LNR this past October after the towers $51.3M loan went into foreclosure, according to Trepp.