PHOENIX-McCarthy Cook & Co. has saved its office building located in Phoenix from foreclosure by bringing in Morgan Stanley, an investment firm based in New York, as its investor. As per the deal, Morgan Stanley and McCarthy Cook will restructure the building's debt by purchasing it for $56 million.
The deal allowed McCarthy Cook to retain its ownership on the 24-floor, 480,000-square-foot building called the Viad Corporate Center, which has a debt of over $81 million as of mid-2010. For the full story, go to Orange County Business Journal .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.