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Olympic Towers Bidding Ends

Bidding for Olympic Towers at 300 Pearl Street ended today.  It is not known if the final bid will be accepted by the seller however.  The drama unfolded online

The auction opened Tuesday with a minimum bid set at $1 million.  The bidding moved up in $250,000 increments until reaching $1.75 million.  Subsequent bidding was in $100,000 steps. 

Bidding appeared stalled at $1.95 million as the scheduled 3 pm end time drew close.  An additional four and a half minutes were added to the clock when a $2.05 million bid came in.  As that time ran out, a $2.15 million bid was submitted and more time was added, then $2.25 million and more time.  After a $2.35 million offer was placed, the bid increment dropped to $50,000.  And on it went, the bidding crept up over the next hour and fifteen minutes, eventually in $10,000 increments until topping out at $2.9 million.

bidding.bmpApparently the bidding did not exceed the unknown reserve price, according to the auction site:

All Properties have a Reserve Price, meaning the Seller of each Property has established an unpublished, minimum selling price. The starting bid is not the Reserve Price. In order to become the Winning Bidder for a Property, a Bidder must meet or exceed the Reserve Price and have the highest bid, and such highest bid must be accepted by the Seller (see “Subject to Confirmation” section below).

Subject to Confirmation. In the event the winning bid amount is not immediately accepted by the Seller, the Auctioneer will inform the Winning Bidder that acceptance of their winning bid amount is “subject to confirmation.” Winning Bidder acknowledges and agrees that Winning Bidder’s purchase is subject to, and contingent upon, the REO management of Seller approving the purchase, which shall be given or denied at their sole and absolute discretion within fifteen (15) business days following the execution of the Purchase Agreement.

Commercial real estate firm Jones Lang LaSalle and Real Estate Disposition LLC oversaw the auction.  The 143,000 sq.ft. office and retail complex consists of the 10-story, circa-1902 YMCA building designed by E.B. Green and a modern four-story office building.  The two are connected by a glass atrium that stretches from Pearl to Franklin streets.  The property is currently 76 percent occupied.

One downtown developer interested in bidding reports the building has “huge utility bills, over $300,000 per year.”  He was looking at the property with a goal of converting much of the historic portion to residential.  “It would make great residential, but there is no attached parking, which as we all know is a biggie,” he said. 

The building last sold in 2008 for $8.5 million.


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