Tuesday, January 17, 2012

Bank of America Plaza Goes To Foreclosure

It certainly seems as though the reporters are overlooking the irony of this story. It seems that Atlanta's "Bank of America Plaza" is up for foreclosure, and it is the tallest building in the city.

This would be newsworthy even it not named after a large bank. However, the fact that it IS named after this Bank is what makes this story so interesting:

http://www.ajc.com/business/bank-of-america-plaza-1299819.html

There are several questions not being answered in this as well as other articles I have read about this, sense of humor aside. If B of A has naming rights and is a prime tenant there, how and why is this building in this position?

Shouldn't this be B of A's responsibility to bail it out? After all, the government chose to give B of A a lot of money when it tried to bail out the banks (instead of repaying certain loans, but that's another story) a couple years ago. So how do we justify B of A not taking the lead on this one?

There are numerous tenants in that building without financial difficulties that will likely be forced to relocate at their own expense because of still another bank having financial difficulty.

Here's hoping that an investment group with deep pockets gets this building at a bargain price, and becomes B of A's landlord. Time for a significant rent increase!




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