The commercial finance company can reject its 200,000-sf lease in a tony office building, as part of its Chapter 11 reorganization. The company could move out of the building or seek space at a much lower lease rate, leaving the building's owner, developer Paul Barker, just another creditor.

The posh office building, which is at 4800 N. Scottsdale Rd., has significant improvements that Finova paid for itself. About 300 employees still work at the headquarters. Finova moved into the building in 1998.

Both the building owner and Finova say that no decision has been made about the firm's headquarters space. If the company moves out now, it would be walking away from a significant investment.

The reorganization plans being proposed would call for a liquidation or major shrinking, which would eliminate the need for an upscale office building in the heart of the most expensive office market in the Valley. Analysts say that, at least in the near term, Finova is unlikely to move, not wanting to put any energy into anything but the reorganization.

Finova, however, is looking for a tenant to sublease about 40,000 sf the company had set aside for expansion. The company is looking for between $28 and $32 per sf, which is the going rate for office space in Scottsdale, says a broker handing the sublease for Finova. The company has already received inquires about the entire space Finova occupies.