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Durham firm departing top floor of Chase Tower

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Tim Durham’s Obsidian Enterprises Inc. plans to vacate the top floor of the state’s tallest building next month, real estate sources say.

The leveraged-buyout firm subleases the 48th floor of downtown’s Chase Tower from JPMorgan Chase & Co. but hasn’t paid rent for a couple of months and has agreed to give the space back.

Obsidian has been closed since Nov. 24, when FBI agents converged on the office and seized documents and computers. Agents simultaneously raided another Durham company: Akron, Ohio-based Fair Finance Co.


Federal prosecutors alleged in a court filing that day that Fair operated as a Ponzi scheme, using money raised from selling investment certificates to pay off earlier investors.

Durham could not be reached for comment this morning.

Obsidian was committed to the space until 2020, when Chase’s lease as anchor tenant comes up. It signed the sublease in 2002, a short time after the bank moved its executives offices to a lower floor.

 

 

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  1. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

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