THE COMMERICAL REAL ESTATE COLLAPSE HASN’T LET UP: Fort Worth’s tallest building sells for just $12.3M at auction in stunning price drop.

Burnett Plaza, the tallest building in Fort Worth, Texas, has been purchased via foreclosure auction for $12.3 million just three years after it was sold for more than $137.5 million, according to the Dallas Business Journal.

The 40-story behemoth was bought back by Pinnacle Bank Texas in the auction held on the steps of the Tarrant County courthouse on Tuesday.

Pinnacle had claimed in public filings that the tower’s former owner, Burnett Cherry Street LLC, an affiliate of New York-based Opal Holdings LLC, defaulted on a $13 million loan used to purchase the building in 2021.

The bank bought it back with a roughly $12.3 million credit bid, just $12.30 per square foot.

That’s still better than the second-tallest building in St. Louis, the former One AT&T Center, which sold last month for about $2.50 per square foot.