Ravinia tower fails to find buyer - Atlanta Business Chronicle:

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The hurdles preventing a new buyetr from acquiringthe 31-story Three Ravinia Drive are the same obstacles many investorzs face in the worst commerciak real estate market since the Savings Loan Crisis of the late 1980s and earl y ’90s. Three Ravinia is a trophh office tower ownedby Birmingham, Ala.-based CLP) and New York’sx DRA Advisors LLC. Built in 1991, the 813,000-square-foot towerd was nearly 86 percent leasec as ofMarch 31, filled with big corporate tenanta including The building’s employees have quick acceses to Interstate 285 and are a stone’sz throw from Perimeter Mall.
But with commerciak mortgage-backed securities (CMBS) now shut down as a sourcer of debt, and balance sheeg lenders suchas (NYSE: STI) and (NYSE: BAC) already overexposed to toxi c commercial loans, the capital to fund trophy-tower acquisitions in Atlanta and elsewhers has largely evaporated.