The Regions Center in downtown Little Rock will hit the auction block next month.
Arkansas’ second-tallest building, located at 400 W. Capitol Ave. is listed with JLL in conjunction with RealInsight Marketplace, an online commercial real estate auction platform, and is set for auction Nov. 17-19.
The bidding will start at $5 million.
The auction listing says the 31-floor office building has 613,281 SF and is 44% occupied. The building offers “long-term growth via rent markets and tenant repositioning,” according to the listing.
The building’s tenants include Deloitte, Regions Bank and the Friday Firm.
Built in 1975, the building has had $14.5 million in recent capital improvements, which include elevator modernization, HVAC upgrades and renovations to common areas, the listing says. The building also has a fitness center, conference facilities and more than 640 parking stalls with potential for expansion.
The dwindling occupancy of the building’s namesake tenant, Regions Bank, led to a soft rebranding of the office tower as 400 W. Capitol a few years ago. In a statement Thursday, the bank said it will continue to serve clients from the building and that its retail branch on the second floor remains open for business.
The building is owned by Taconic Advisors, a real estate investment firm, through a limited liability company. Taconic acquired the property, which had been in bankruptcy court in Delaware, in 2022.
Taconic made a credit bid of $31 million for the building. Such a move allows a secured creditor in a bankruptcy case to recover the property much like a foreclosure sale.
Originally known as the First Commercial Building, the project had been owned by more than two dozen LLCs using names including NNN 400 Capitol Center. Percentage of ownership ranged from 0.9% to 9.25%.
The auction dates were incorrect in a previous version of this story.
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