### Lone Star Funds Abandons 55 Allen Plaza to Avoid Foreclosure
Lone Star Funds has walked away from 55 Allen Plaza, relinquishing the property to avoid foreclosure.
Phoenicia Real Estate Holdings has taken ownership of the 14-story, 350,000-square-foot office building through a deed in lieu of foreclosure. The transaction was valued at $57.8 million. Phoenicia, a subsidiary of Aflac Inc. under Aflac Global Investments, assumed control of the property after Lone Star initially acquired it in 2020 for $79 million, utilizing $67.5 million in acquisition financing from NXT Capital, according to the *Atlanta Business Chronicle*.
The office building is part of the larger Allen Plaza mixed-use development and is currently 66% occupied. Notable tenants include professional services firm EY and design company ASD|SKY. Additionally, Selig Enterprises maintains air rights for the property, requiring any new owner to make lease payments.
