The One Peachtree Point building suffered the loss of a major tenant recently, when the law firm Seyfarth Shaw LLP, which had occupied a 50,000-square-foot-space in the building, moved to 1075 Peachtree, also in Midtown. The loss of Seyfarth Shaw left One PeachTree Pointe, built in 1999, only 60% occupied, says Chris Shaner, research director at Cushman & Wakefield of Georgia. Altogether, there are 62,000-square feet vacant in the building, he says.

"Tenant retention and maintaining cash flow is a problem today for office buildings," says Shaner. Still, there are significant tenants looking for space, he says.

The Midtown submarket is primarily a Class A market, says Shaner, and One PeachTree Pointe is a Class A building. The addition of new office towers in the Midtown and Buckhead submarkets, has made it hard for landlords to fill their space, he says.

"The vacancy rate for Midtown is 23.2%, according to Cushman & Wakefield research. It was 19.8% in the fourth quarter of 2009, says Shaner. Cushman & Wakefield tracks 17.7 Million square feet of office space in Midtown, mostly Class A.

Dewberry took out the $27 million loan from First Union (later acquired by the Wachovia Corporation) in 2001. Now, Wells Fargo, which bought Wachovia, is trying to collect. A bank attorney told the Real Estate Rooster, an online newsletter in Atlanta, that even while the bank is negotiating with Dewberry, he still plans to advertise another auction date for June. The loan which is at issue has a maturity date of May 2011.