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

Home » Latest News » Receivership Profile Shaw’s Cove Office Building New London, CT

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.

By |2016-10-25T18:17:25+00:00December 21st, 2010|Latest News, Receivership Profile|1 Comment

About the Author:

One Comment

  1. Denise Sabilia January 17, 2011 at 1:06 pm

    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 dsabilia@att.net
    Thank you,

Comments are closed.