Barry Real Estate has hours to retake 55 Allen Plaza. Otherwise the Atlanta landmark will go to the highest bidder on the courthouse steps.
Tomorrow, Lincoln Property Co is scheduled to sell off 55 Allen Plaza (the 349k SF Ernst & Young office tower) at the Fulton County Courthouse, according to a legal ad printed last week in the Fulton Daily Report. We first reported last month that a $53M loan on 55 Allen Plaza was sold to Lincoln Property on behalf of the Illinois Teachers Pension Fund for an undisclosed amount. As rumored at the time, Lincoln is moving forward with foreclosure. 55 Allen Plaza was built in 2007, near the peak of the hot commercial real estate market. Hal Barry, the property's owner, has declined to comment. But a source familiar with the foreclosure says the parties are still in talks, even at the 11th hour.
We also previously reported that BB&T re-advertised its foreclosure of 50 Allen Plaza, the one-acre parcel next to 55 Allen Plaza, in the Fulton Daily Report. That auction is also scheduled fortomorrow. Bisnow will let you know how all this pans out. (And if the Chipper Jones bobblehead we're tracking on eBay doesn't pan out, maybe we'll walk away with a 14-story building instead.)