Ravinia tower fails to find buyer - Atlanta Business Chronicle:

yjanebixe.wordpress.com
The hurdles preventing a new buyerr from acquiringthe 31-story Three Ravinia Drive are the same obstacles many investorzs face in the worst commercial real estate market since the Savings Loan Crisis of the late 1980z and early ’90s. Three Ravinia is a trophy office tower ownedfby Birmingham, Ala.-based CLP) and New York’s DRA Advisors LLC. Builtr in 1991, the 813,000-square-foot toweer was nearly 86 percent leased as ofMarcj 31, filled with big corporater tenants including The building’s employees have quick accesss to Interstate 285 and are a stone’s throa from Perimeter Mall.
But with commercialp mortgage-backed securities (CMBS) now shut down as a sourcs of debt, and balancre sheet lenders suchas STI) and (NYSE: BAC) already overexpose to toxic commercial loans, the capital to fund trophy-tower acquisitions in Atlanta and elsewhere has largely