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MINNEAPOLIS-Another arm of the Opus chain is exploring recapitalization alternatives. Opus Northwest LLC has hired Chicago-based financial advisor MorrisAnderson & Associates LTD, with options that range from a capital infusion, a joint venture, a sale of certain assets or even the sale of the company.

Opus has already seen massive downsizing, with the liquidation of its Washington, DC-based Opus East arm following a spate of government agencies not paying their bills for renovations; and now Opus 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 CEO John Solberg. “We are now actively seeking a partner or investor who also recognizes these opportunities and values our proven design-build expertise, portfolio and pipeline as a means to act on them,” he said in a statement.

Northwest, with offices in Denver, Kansas City, MO, Portland, WA, Seattle and St. Louis, has restructured to act on emerging opportunities such as completing or redeveloping distressed properties, third-party construction and build-to-suit projects, shifting its focus to fee-based engagements and project workouts and away from spec buildings and large-scale projects, Solberg said. The company generated more than $270 million in sales, commenced on more than $200 million of fee-based construction work in 2009 and has more than three million square feet under development.

As for the rest of Opus, a company spokeswoman tells GlobeSt.com that the Chapter 11 bankruptcy cases for Opus West and Opus South are in the final stages. While those two firms will not operate as before in those regions, the spokeswoman says that the remaining Opus entities will start branching out into the rest of the country for projects. With the crash of the capital market and the massive drop in financing opportunities, it makes sense to consolidate parts of the company, she says. The company would like to keep both North and Northwest operating, she says, with the sale of the entire Northwest arm only a “remote possibility.” There’s also a sentimental reason to keep both arms going — the recently named Opus North president and CEO, Tom Shaver, was previously the vice president of development for Opus Northwest.

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