343,000 SF Downtown Bldg. May Resurface as Retail, Apt.

ATLANTA-A 73-year-old, 343,000-sf vacant office building Downtown is getting a new life, possibly as an apartment or retail structure. The property has been on the market for a year.

Locally based investors Wayne Mason and Emory Morsberger, partners in 222 Mitchell Street LLC, bought the former Bank of America operations center from Toledo, OH-based Dana Commercial Credit for $3.4 million, or about $9.91 per sf. Dana had initially listed the building for $10 million or about $29.15 per sf.

The Ohio owner bought the building from Bank of America for an undisclosed sum in June 1997. The bank leased back the block-long, two-acre property for five years but a year ago chose not to renew, area brokers familiar with the Downtown market tell GlobeSt.com. In December, Bank of America moved most of its 300 workers at the Mitchell Street building to its Downtown headquarters site.