The fallout from commercial real estate appears to be in full swing.
When foreclosure figures for metro Atlanta were released Monday, the proportion related to the commercial market increased, the data collector, Equity Depot, said. At the same time, the residential share of foreclosures fell, although it still accounts for most of the activity.
Now comes word that another local office tower has fallen on hard times, AJC reporter Gertha Coffee writes.
Tower Place 200 in Buckhead has been foreclosed on and sold for $32 million, according to Databank Atlanta, a real estate research firm. The buyer was CW Capital, special servicer for the lender.
The former owner of the 259,888-square-foot high rise, Chicago-based Transwestern Investment Co., purchased the Class A office building in 2006 for $58 million, according to Databank.
The 14-story building, located at 3348 Peachtree Road, was built in 1999 and is one of four buildings in the Tower Place complex.
The building also is losing a major tenant, Coffee reports. The tenant on the ninth floor of Tower Place 200, Houston-based Transwestern Commercial Services, said its Atlanta regional office will leave the building early next year.
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