Arthur I Segel, Justin Ginsburgh, Richard Kessler, William J. Poorvu
Harvard Business School (209154-PDF-ENG)
June 18, 2009
The largest tenant in the Busse Corporate Center recently filed for bankruptcy, so 38% of the building was rented and clearly over-indebted. In a battered office market in a Chicago suburb, Marisa Sánchez, the owner, has to negotiate rental offers with three potential tenants to fill vacancies. In the meantime, the building’s owner, Collins Properties, must work with its equity partner to decide whether to continue to finance the building’s losses while trying to rent the vacant space, restructure the debt, or default on the loan and deliver the building. to his lender. The decision is hampered by Collins’ use of a commercial mortgage-backed guarantee (CMBS) loan that involves multiple parties, ambiguous relationships and divided responsibilities.
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