Atlanta's Tallest Building Sold

MIDTOWN, GA -- The tallest building in the City of Atlanta has been purchased four years after it was foreclosed on, according to a report.

San Francisco’s Shorenstein Properties bought Bank of America Plaza this week for an undisclosed sum, the company said in a Tuesday press release.

“Bank of America Plaza is a top quality corporate location with exceptional transit access and close proximity to the campus of Georgia Tech, one of the country’s leading public research institutions. This acquisition affords us the opportunity to strategically invest capital and utilize our strong asset, leasing and property management expertise to reposition the building within its market and ultimately add value,” said Matt Knisely, managing director, capital transactions in a statement.

The tower was most recently owned by CWCapital, who bought it out of foreclosure from BentleyForbes, the Atlanta Journal-Constitution says.

Shorenstein says that although the 1.3 million sq. ft. office tower is currently only 45 percent occupied, they will invest more money into the property to “make immediate improvements to the lobby and amenity areas, as well as undertake additional cosmetic upgrades and deferred maintenance.” Shorenstein hopes the investment will help restore Bank of America Plaza’s historic occupancy levels in the 90 percent range.

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