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
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.