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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. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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