BB&T GIVES REPRIEVE
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|While he may have lost his iconic building, Hal Barry has been given a reprieve on foreclosure of his land.|
|BB&T has ?delayed temporarily? the foreclosure auction for 50 Allen Plaza, the one-acre parcel that Barry planned for another office tower, BB&T's Merrie Tolbert told us via e-mail yesterday. The bank has advertised to foreclose on the land in the Fulton Daily Report for the past few weeks; the parcel was originally scheduled to beauctioned on the courthouse steps yesterday. Merrie declined to elaborate as to why BB&T decided to withdraw the property from foreclosure—the second time it has done so—or whether the bank would pursue foreclosure again. Hal, when reached by phone, also declined to comment on the latest developments.|
|Yesterday, Lincoln Property Co successfully foreclosed on 55 Allen Plaza for $57M on the Fulton County Courthouse steps (seen here), a 30% decline from the original Bank of America loan value. Lincoln acquired the 350k SF Ernst & Young building on behalf of the Illinois Teachers Pension Fund.|