### Lone Star Funds Walks Away from 55 Allen Plaza to Avoid Foreclosure
Lone Star Funds has relinquished ownership of 55 Allen Plaza, opting to avoid foreclosure on the 14-story, 350,000-square-foot office building.
Phoenicia Real Estate Holdings, a subsidiary of Aflac Inc.’s Aflac Global Investments, has taken possession of the property through a deed in lieu of foreclosure. The transaction was valued at $57.8 million. According to the *Atlanta Business Chronicle*, Lone Star originally acquired the building in 2020 for $79 million, securing $67.5 million in acquisition financing from NXT Capital.
Part of the Allen Plaza mixed-use development, 55 Allen Plaza is currently 66% occupied. Major tenants include EY and design firm ASD|SKY. Notably, Selig Enterprises holds air rights for the property, meaning any future owner will be obligated to make lease payments.
