George Roddy Sr. of Foreclosure Listings Services confirmed the $29-million outstanding note for 12221 Merit Dr., a class A office property plagued with low occupancy. The 19-floor building carries an assessed value of about $37.4 million.

What is definite is Chicago-based Transwestern Commercial Services' Dallas team has been accorded the property's leasing and management contract by Cornerstone Real Estate Advisers Inc. of Hartford, CT. "We're putting one of our most senior leasing teams on it," Jack Eimer, Transwestern's president of the central region, tells GlobeSt.com. Matt Hurlbut will lead the team and Susanne Doublin will be the new property manager under the direction of Mike Ogden, senior vice president of management services.

"It's a challenging submarket," says Eimer. Vacancy in the Park Central submarket currently is riding at 25% plus. The 20-year-old building, with vast blocks of open space, has UPS, the accounting firm of Weaver and Tidwell and Angell Financial Group as primary tenants. Dallas-based Trammell Crow Co. was the prior leasing agent.

Ironically, Transwestern is getting back a property it developed in the 1980s. Three Forest Plaza is one of four structures in the Forest Plaza Office Park. Eimer says Transwestern's history with the holding and submarket knowledge will "enable Cornerstone to achieve its goals for the property." He says that means the Three Forest Plaza team will use the shoe leather express to make cold calls and find tenants "the old-fashion way."