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The $49.5 million Powers Ferry Landing East loan was hit with an appraisal reduction of over $29 million, according to recently released April servicer data, as reported by Trepp.

The loan is secured by the three-building, 394,000 square foot office complex in Atlanta, GA that was built in 1980.

Trepp says the recent special servicer notes are sparse but they indicate a foreclosure sale could take place relatively soon.

“Dual-tracking workout negotiations and foreclosure processing (sale set for 5/3/11),” reported Trepp, quoting the asset’s special servicer. Trepp says the loan is in monetary default.

At securitization, the property listed Canada Life Assurance (26% of the space), Xerox (15%) and Harland Financial Solutions (8%) as the top three tenants. The Canada Life and Xerox leases were listed as having a mid-2010 expiration dates.

In June 2010, the servicer on the loan said the Canada Life lease, which had been taken over by Great West, would not be renewed. Xerox would be renewing, but decreasing the amount of space it occupies in the building. Another lease totaling five percent of the building’s occupied space was also said to be ending in June 2010. The loan became delinquent only a month after the leases were slated to end, according to Trepp.

In January 2006, the Atlanta Business Chronicle reported that Argus Realty Investors L.P. had purchased Powers Ferry Landing East for $65.3 million.

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