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They moved the US Citizenship and Immigration office into the building and it became untenable to continue having an office there when youd have dozens of people waiting in the lobby from 8-6 and the entire parking lot was continuously full. It needs to be somewhere – but a poor choice on the owners to lease to them in a location that did not have enough parking nor waiting room on the floor they rented…
It was a terrible place to conduct client facing business when one of my client left there and moved back downtown.
When fully leased, not a lot of parking.
Interesting background…
I was wondering how a building 89% leased could be failing so badly.
On the Landmark deal, seems like a few cook’s in the kitchen. Doesn’t seem like a lot of money. $16.1 in 2015 on a sale of $23 mill. Wonder if it was a balloon payment of some type? Who all got Covid $’s? Lots to unwind!
I think, but certainly could be 100% incorrect, commercial real estate loans are broken into three 10 year chunks. At the end of each chunk the remaining balance has to be refinanced into a new loan. It sounds like they couldn’t find a lender willing to do the refi and then they defaulted because they didn’t have the cash on hand to cover the remaining balance. I also agree there is likely a whole lot more to this story that isn’t being covered here.
The building’s architecture is very dated back in the day it was called “Darth Vader. Hopefully the parking lot south will be developed with the possibility of a shared garage. This area has so much potential for further development.The site is a perfect location with the new hospital development nearby. Wondering why there has not been plans for a hotel. What a perfect location for a hotel with easy access to the interstate, medical and downtown.
Agreed. The immediate vicinity of the Landmark Center is desolate. Parking lots, an elevated highway, and not much to walk to. It’s not an attractive place to locate an office anymore.
A.R. there is the Strutz buildings within walking distance that has plenty of art, cafes, resturants and other shopping.