Opus has already seen massive downsizing, with the liquidationof its Washington, DC-based Opus East arm following a spate ofgovernment agencies not paying their bills for renovations; and nowOpus South and Opus West going through bankruptcy. Opus Northwest,joined by Opus North as the last two under the Opus Corp. umbrella,could shine with some assistance, said Northwest president and CEOJohn Solberg. "We are now actively seeking a partner or investorwho also recognizes these opportunities and values our provendesign-build expertise, portfolio and pipeline as a means to act onthem," he said in a statement.

|

Northwest, with offices in Denver, Kansas City, MO, Portland,WA, Seattle and St. Louis, has restructured to act on emergingopportunities such as completing or redeveloping distressedproperties, third-party construction and build-to-suit projects,shifting its focus to fee-based engagements and project workoutsand away from spec buildings and large-scale projects, Solbergsaid. The company generated more than $270 million in sales,commenced on more than $200 million of fee-based construction workin 2009 and has more than three million square feet underdevelopment.

|

As for the rest of Opus, a company spokeswoman tells GlobeSt.comthat the Chapter 11 bankruptcy cases for Opus West and Opus Southare in the final stages. While those two firms will not operate asbefore in those regions, the spokeswoman says that the remainingOpus entities will start branching out into the rest of the countryfor projects. With the crash of the capital market and the massivedrop in financing opportunities, it makes sense to consolidateparts of the company, she says. The company would like to keep bothNorth and Northwest operating, she says, with the sale of theentire Northwest arm only a "remote possibility." There's also asentimental reason to keep both arms going -- the recently namedOpus North president and CEO, Tom Shaver, was previously the vicepresident of development for Opus Northwest.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.