ST. LOUIS — A judge last month put a 30-story downtown St. Louis tower into receivership, another reminder of pressures in the neighborhood and office sector.
The judge, Joseph Whyte of the St. Louis Circuit Court, was responding to a lawsuit brought in December against the owner Bank of America Plaza at 800 Market St., the fourth-largest office building in the region with 759,608 square feet.
CBRE was appointed receiver for the property, with the Armstrong Teasdale law firm acting as its counsel.
Positive Investments of Arcadia, California, owns the building through St. Louis BOA Plaza LLC.
The company in 2010 purchased the building for $47.85 million, which at the time represented a 60% price reduction from the previous sale in 2003. The current loan, with a balance of $45 million left from the original $50 million, was taken out in 2015 from Citigroup Inc., which later sold it to bondholders.
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