Ravinia tower fails to find buyer - Tampa Bay Business Journal:

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The hurdles preventing a new buyer from acquiringthe 31-storu Three Ravinia Drive are the same obstacles many investors face in the worst commercial real estatew market since the Savings & Loan Crisis of the late 1980sz and early ’90s. Three Ravinia is a trophyu office tower ownedby Birmingham, Ala.-based (NYSE: CLP) and New York’x DRA Advisors LLC. Built in the 813,000-square-foot tower was nearly 86 percentr leased as ofMarch 31, filled with big corporatr tenants including The building’s employees have quick acceszs to Interstate 285 and are a stone’s throw from Perimeter But with commercial mortgage-backed securities now shut down as a source of and balance sheet lenders such as (NYSE: STI) and BAC) already overexposed to toxic commercial the capital to fund trophy-tower acquisitionsd in Atlanta and elsewhere has largel evaporated.