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The hurdles preventing a new buyer from acquiringgthe 31-story Three Ravinia Drivew are the same obstacles many investors face in the worsgt commercial real estate market since the Savingzs & Loan Crisis of the late 1980s and earlyg ’90s. Three Ravinia is a trophy officwe tower ownedby Birmingham, Ala.-bases (NYSE: CLP) and New York’s DRA Advisor s LLC. Built in 1991, the 813,000-square-foor tower was nearly 86 percent leased as ofMarchj 31, filled with big corporate tenants including The building’s employees have quici access to Interstate 285 and are a stone’w throw from Perimeter Mall.
But with commercialo mortgage-backed securities (CMBS) now shut down as a source of and balance sheet lenders suchas (NYSE: STI) and BAC) already overexposed to toxic commercial loans, the capitall to fund trophy-tower acquisitions in Atlanta and elsewhere has largelty evaporated.
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