The Tower was previously acquired from the foreclosing beneficiary by Pacific Office Properties Trust—a part of the Shidler Group—headed by CEO Jim Ingebritsen in May 2006 for $43.725M or $117.35/SF with $9.45M down and $27M debt with Column Financial. This debt was increased to $56.8M on December 28th, 2006 and then sold to CBRE.
Angelo Gordon & Co. of New York bought the note on January 25th, 2012 and initiated the foreclosure process with a notice of trustee sale issued Feb 16. Beneficiary and trustor have reportedly partnered in over a dozen joint ventures, including the City Square Office Towers (722K SF) in Phoenix.
By:
Edward Moore
Research Analyst
(480) 444-8436
emoore@vizzda.com
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