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Northeast Property Group has a proven track record, providing leading commercial brokerage and property management services in Connecticut for over 20 years. Call (860) 437-7005 for a customized real estate solution.

Receivership Profile Shaw’s Cove Office Building New London, CT

SHAW’S COVE 6 NEW LONDON, CT

 

90,000 SF    Class A Office

JE Robert Companies / JP Morgan

Assignment:

Lender initiated foreclosure proceedings while the property was 66% vacant. Complex litigation regarding borrower representations represented a delay in gaining property control. NPG was named Court Appointed Receiver in October, 2007.

Strategy / Results:

NPG gained complete control of the property, negotiated lease buy outs from existing tenants in default and successfully leased 30,000 SF within the first year of Receivership. The property suffers from an insufficient parking ratio for modern office requirements. As receiver, NPG succesfully negotiated the long term lease of adjacent city owned land and subsequently permitted and constructed an additional 96 unit parking lot as a part of an overall repositioning strategy by the foreclosing lender, NPG has managed and completed major capital projects at the property. This property remains in receivership and under the management and control of Northeast Property Group.

About the Author

Daniel BarberDaniel G. Barber, Vice President and Partner has been continually active in the field of Real Estate since 1985. His experience covers a wide range of disciplines including Brokerage, Development, Consulting, Analysis, Asset Management and Receivership. In addition to acting as a Court Appointed Receiver, Dan has successfully managed the repositioning and disposition of distressed commercial real estate assets on behalf of foreclosing lenders, institutions and commercial loan servicers. He is the company’s Principal Broker and the leader of all real estate brokerage operations and directs the marketing functions for all properties as well as new business development for the company. Dan is a dual CCIM and SIOR designee.View all posts by Daniel Barber →

  1. Denise Sabilia
    Denise Sabilia01-17-2011

    Good Day Mr. Barber,

    We have presently outgrown our existing 8,000 sq. ft. space and we are coming to the end of our lease with no room for expansion.
    We are interersted in seeing your space @ 6 Shaw’s Cove and learning more about its options.
    Feel free to contact me my phone or email.
    860-439-1770 or [email protected]
    Thank you,