News
FITCH: ATL STRUGGLING
March 12, 2012
| Tishman Speyer's One Alliance Center was 60 days delinquent as of last month, according to the latest Fitch report. And it's just the latest in a string of office properties in Atlanta with owners struggling to keep up with their loans as the metro area job growth remains stubbornly anemic and owners fight through loans made at the peak of the market. (On the bright side, Braves baseball starts soon?) | ||
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| Although the rest of the country may have finally seen the worst of the recession pass, ?A staggering 37% of all Atlanta office properties in Fitch-rated deals are now considered delinquent,? Fitch states in its report. | ||
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| It's also not the only Tishman Speyer building in Atlanta. Colony Square (above) and Midtown Plaza also are in special servicing, according to Trepp. Tishman Speyer's $165M IO loan on One Alliance was transferred to special servicer ORIX in December. The special servicer and Tishman Speyer entered into an agreement to lockbox funds for ongoing expenses, according to the report. And Fitch says Tishman Speyer is still in negotiations on modification or foreclosure on all three properties. | ||
