Office Leasing After Monetary Default

A CMBS special servicer sought the appointment of a receiver on a 125,000 square-foot office due to a monetary default. As agent for the receiver, our team led the leasing and stabilization of the asset. Moreover, through scrupulous research within the loan documents and lease provisions, Hilco Real Estate’s team of receivership and fiduciary services specialists successfully extended the duration and expanded the footprint of an existing tenant into a vacant space. The property was actively marketed for sale until one of the owners, through a Tenancy in Common ownership structure, filed Chapter 11 bankruptcy, at which point the receivership ended.