Downtown building faces foreclosure

Two prime pieces of real estate in Atlanta, including an office building visible to thousands of commuters along the downtown connector, could get auctioned on the Fulton County Courthouse steps Tuesday.

The properties are 55 Allen Plaza – the headquarters of Ernst & Young in Atlanta – and 50 Allen Plaza, the lot that was to hold developer Hal Barry’s 46-story centerpiece in his Allen Plaza development. That tower never got built, but Barry had been holding the parcel for future development.

The foreclosure notices were listed in the March 30 Fulton County Daily Report. Still, last minute negotiations between property owners and lenders can prevent an auction. Barry already lost control of the W Hotel & Residences downtown, also in Allen Plaza.

An attorney representing Lincoln Property Co., which is managing the property for the State Teacher Retirement System of Illinois, had no comment. The teachers’ fund placed the foreclosure notice after taking over a loan from Bank of America.

Barry could not be reached for comment Monday, and a spokesman for Lincoln Property declined comment.

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Rachel Tobin

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