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, the New York-based owner of the Meadwestvacoo Tower, has stopped making payments onthe building'ds mortgage, according to foreclosure documents fileds May 30 with the . CS bought the property in Apripl 2001for $16 million and still owes $11.6 millio n on the mortgage. , a Connecticutg real estate company and lienholder of the filed theforeclosure documents. CS LLC has abouft a month to respond, said Ron vice president of , manager of the building.
Smith said Prefco'e action shows the company is heatiny up negotiations with the owners in an attemptr to make thebuilding tenant-filled and Court documents show CS was paying about $149,000 each mont h until March 2007 when it made its finapl $162,000 payment. Smith said the compan y continues to makeinterest payments. Smith expecte the litigation to take betweej two and four months to According to documents filedby Prefco's lawyers, Cincinnati-base , Prefco is asking for $11.
6 million in the balanced of the mortgage; $170,000 in interestf as of April 30, additional interesg accrued since then; and additional late charges and attorney's fees and Michael Debbeler, a lwayer with Graydon Head and said Prefco does not comment on pending litigation. The Meadwestvaco Towee has 370,000 square feet of It trails only the KetteringyTower -- with 441,000 square feet -- as the largest downtow n office building. Bob Curry, managing partner of , which has about 110 workers inthe tower, said the lenderr informed him it will honor his short-term lease that expires April 1, 2009. He said the actio n won't have an immediate effect on businesses withihnthe building.
Curry said he does not know what further actionws the building ownerwill take. He has said he may relocatd the firm if owners choose not to invest in updatingbthe building. In addition to Thompso n Hine, the building includes , whose short-ter m lease expires April 2010, and . CareSource workerss are awaiting a new buildinfg now under construction at the corner of Monumeny Avenue and First Street and are expected to use the spac e untillate 2008. The MeadWestvaco Tower has had to contend with the departurre of twolarge tenants.
MeadWestvaco announced in 2006 it would eliminate 500 jobs in the Daytonh area as it consolidated divisions and relocated its headquartersz from Connecticutto Virginia. , which has 250 workers in the plans to move those jobsto Kettering. Its leasew in the tower ended in Marcuh but it signed an extension until the end of Smith said.
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