posted on January 18, 2012 22:48
Lenders for KPMG Centre, 34-story, 828,000-square-foot office tower in downtown Dallas, are seeking to take control of the building.
The Dallas Morning News reports that the debt holder of the office tower at 717 North Harwood St. is asking that the property and all rental proceeds be given to a receiver.
The debt holder claims that KPMG Centre's owner has in default of $64 million, according to the report.
The office tower — which real estate sources say is valued at $70 million —has been owned for the past five years by Woodland Hills, Calif.-based Younan Properties Inc .
In November, Zaya S. Younan, chairman and CEO of Younan Properties said he wanted to sell the property to redeploy capital elsewhere.
The lease of the building's lead tenant, KPMG, expires in 2015.
Younan Properties had 6.4 million square feet of office space in Dallas a year ago, but has whittled that portfolio by five buildings in 2011.
The property company has roughly 4.5-million-square-feet of space in the North Texas market.
1/18/12, Candace Carlisle, Dallas Business Journal