Monday, December 3, 2012

Talavi Corporate Center in Glendale Noticed For Trustees Sale, 153K SF Office / $24.0M Debt

Vizzda – December 3rd, 2012 – CWCapital, acting as the special servicer for a securitized debt on behalf of beneficiary US Bank, has issued a notice for trustees sale on $24.0M loan now in default. 

The Talavi Corporate Center is a 152,936 square foot office building located at 5680 W Beverly Ln in Glendale, AZ. The three-story office was built in 2001 on an 11.33 acre parcel and includes 380 covered parking spaces for a parking ratio of 2.5 per 1000 square feet. This office was the Arizona headquarters for Bechtel Corporation but we have learned that they have moved the majority of their operations to an office near 99th Ave & Camelback Rd.  

The office was purchased on November 29th, 2005 for $32.85M with $24.0M debt originated with CWCapital and assigned to and securitized by Wachovia Bank. 

The noticed property also includes two small vacant lots totaling 3.43 AC located adjacent to the main office parcel in the same corporate center. These properties are set to go to auction at 12:30PM on February 28, 2013.

Edited 12/4/12 - Our research had indicated that Talavi was still the HQ for Bechtel but a reader informed us that the majority of their operations have moved to a new location near 99th Ave & Camelback Rd, which was confirmed by a phone call to Bechtel. - Edward

By:
Edward Moore
Director of Research
Vizzda

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