Lincoln Southeast, LLC, has been appointed as receiver for 10 Park Place, a 120,000-square-foot office building located in downtown Atlanta. In turn, the receiver has engaged its affiliate, Lincoln Property Company Southeast (Lincoln) to lease and manage the building.
“During the economic downturn that began in 2007, we began to build a resume as a receiver that could provide banks and special servicers with a one-stop shop from which to address challenged real estate,” said Tony Bartlett, senior vice president for Lincoln who oversees the firm’s Atlanta office. “Each asset presents a different challenge but as an owner-centric company, we believe we’ve been able to generate creative ideas and solutions for these troubled assets that have led to positive outcomes for our clients. This is the latest in a string of prominent receiverships, and we believe that we will be able to protect and maximize the value of the asset efficiently and successfully.”
According to CCIM.com, a receiver’s primary duty is to secure the property, prevent waste, and collect rents. In general, the receiver is required to follow the court’s order, which most often places the receiver in a role similar to a trustee, making decisions that are in the best interest of the property in an effort to maximize proceeds for the owner and lender.
The property, built in 1932, is located a block from the “Five Points” intersection in downtown Atlanta and is adjacent to Woodruff Park, Georgia State University and the Hurt Building.
Lincoln has significant experience, managing, and leasing buildings in downtown Atlanta, including a nearly decade long association with The Equitable Building, located at 100 Peachtree St., and through its management and leasing of 55 Allen Plaza, located at 55 Ivan Allen Jr. Blvd.