The Atlanta office tower 55 Allen Plaza was purchased from Barry Real Estate Companies in a foreclosure auction this week for $57 million (or approximately $163 per square foot), a 31% price cut from the original loan, according to a National Real Estate Investor article. Lincoln Property Company acquired the property on behalf of a pension fund client, Teachers Retirement System of the State of Illinois. Lincoln will also be leasing and managing the office tower.
The 350,000 square foot class-A office tower at 55 Ivan Allen Blvd. NE originally opened in May 2007 and is part of Hal Barry’s Allen Plaza. The property was 74% leased at the time of purchase with major tenants including Ernst & Young, Skanska, Cushman & Wakefield and ASD.
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