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$205 Million to $4 Million: How One AT&T Center Lost 98% of its Value
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View Reddit by muckfustard – View Source
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$205 Million to $4 Million: How One AT&T Center Lost 98% of its Value
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View Reddit by muckfustard – View Source
>Now that AT&T had no association with One AT&T Center, they decided to cut off the building’s access to the parking garage. **This left only 44 underground parking spaces for all 1.4 million square feet**.
That alone has to severely limit leasability.
I totally believe this story when the shitty house down the street from me is up for 1.2 million.
The ground underneath that building is worth more than 4 million. Maybe it costs 200 million to tear it down and build something that includes parking.
was there a lot of debt also obtained with the $4m purchase price?