Brookfield Properties is launching foreclosure proceedings onTishman Speyer's office portfolio in the Washington, DC area,according to a recent article in the Wall Street Journal.
Tishman, according to the report, is pushing back, with plans torestructure its $570 million in debt for the 20-building portfolio.DAI could not reach the firm for comment by press time. However, aTishman spokesperson told the WSJ that the company is confident itcan implement a restructuring to maintain its ownership.
Tishman has not settled on an exact strategy as to how it willdo this, a source tells DAI. However, it is going to happen withinthe next two months. The company issued a general statement thataccused Brookfield of trying to pressure its ownership group bystarting the foreclosure proceedings.
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