A myriad of suburban office properties in Atlanta, attached to a distressed CMBS loan, have faced a devaluation of up to 36.5% as per a new appraisal report. This comes as owners and lenders are still grappling to find a floor price for office spaces. This indicates a declining market for office properties that are held in CMBS portfolios.
Eight office buildings held by the bankrupt landlord, Adventus Realty Trust, have experienced a significant drop in their appraised value, which plummeted from $439 million to $279.9 million. Most of these properties are located in the Atlanta suburbs. The repricing of five office complexes in the Metro Atlanta area includes:
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