Opus West Corp. plans bankruptcy filing - Austin Business Journal:

obofym.wordpress.com
Since April, dozens of subcontractoras have filed liens totaling morethan $4 million againsyt Opus Group and Phoenix-based Opus West tied to Two Addison Circle, a $23 million, 198,000-square-foo t speculative office building in The building was developed and is ownexd by Opus West Corp. The liens claim Opus owes the subcontractorss for labor or materials provided in the course of The six-story Two Addison Circle buildint on the west side of the Dallaw North Tollway just north of Arapaho Road was recently but has no tenants.
The credit crunch and slowing demandx for office space have left Opus unabls to get permanent financing to replacethe short-term constructiob loan on the Addison project, an Opus spokeswoman told the Dallasw Business Journal last month. Officials with Opus West coulr not immediately be reached for comment forthis story. Othee Opus West Corp. projects in North Texas include the 121 Lakepointe an office and industrial developmentin Lewisville, and Broadstonee Parkway, a 5.8-acre mixed-use project at 5005 Galleria Drived in North Dallas. , which is basede in Minnetonka, Minn.
, is a design-build development firm that specializezsin office, industrial, multifamily, government and institutional It also controls Washington-based LLC, which filed for Chapter 7 liquidation this according to the Washington Business Journal. Opus Groulp said its Opus South subsidiary, which is based in filed for reorganization in bankruptcy court onApril 22. In a preparee statement, Opus Group said the bankruptchy filings are a result of a steelp decline in commercial real estate values and difficulty creditmarket conditions. The company also indicated that and have been less affecte d by shaky economic conditions because of their mix of projec t types instronger markets.
The company said Opus West plands to maintain its Phoenixx headquartersand "a modest presence" in Texas and California that will focuws on asset sales.