Friday, April 13, 2012

Downtown tower set for sale by lenders


David Woo
The KPMG Centre office tower in downtown Dallas is one of about 150 commercial proeprties set for auction by lenders next month.
A downtown Dallas skyscraper that's already in the hands of receivers has been scheduled for foreclosure next month.
The 34-story KPMG Centre office tower on Harwood Street has $64 million in debt held by securities investors.
Built in 1980, the 850,000-square-foot office tower is still owned by a company set up by California-based Younan Properties, which bought the building in 2006.
But in February a court appointed receiver took control of the building at the request of LNR Partners LLC, a Florida firm which represents debt holders on the tower.
KPMG Centre is one of several large commercial properties scheduled for sale by lenders next month, according to data gathered by Addison-based Foreclosure Listing Service.
A Far North Dallas building owned by a unit of investor Behringer Harvard on Waterview Parkway is also posted for foreclosure. Addison-based Behringer Harvard has been in default since last year on more than $70 million in debt on the office complex, which previously housed operations of Alliance Data Systems.
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