More problems in Atlanta…
From Atlanta Business Journal (GA):
Duke Realty takes $50M hit on 3630 Peachtree
Duke Realty Corp. has taken a $50 million write-down on the value of its 3630 Peachtree project in Buckhead, another sign of the worsening commercial real estate mess.
Duke is co-developing the 425,000- square-foot office tower with Pope & Land Enterprises Inc. The 34-story building also includes 17 floors of luxury condos developed by Novare Group Holdings LLC and Post Properties Inc. It’s one of four new office towers that will be added to the Buckhead market between 2009 and early 2010. Two of them, including 3630 Peachtree, are empty. The other two have one tenant each.
