Thwarted sale of 50 Penn Place ends up in court
Firm represents real estate investment company in disputepublished in The Oklahoman | February 29, 2008
Wilshire Secured Capital LLC has sued the owners of 50 Penn Place, Dallas-based Ranier Capital Management and 25 tenant-in-common partners, for breach of contact over the failed sale of the office-retail property. The company is seeking lost profits, damages and fees.
McAfee & Taft is representing Wilshire in the matter. Reid Robison filed the suit Thursday, which asserts Ranier was in violation of the purchase contract because it was “out of compliance with covenants in its existing mortgage and security agreement,” including a roof that needed to be replaced and 51 fewer parking spaces that the law requires. It also claims Ranier had failed to lease space “during the entire acquisition process and admitted to holding back leases of prospective tenants.”
According to the article, “Wilshire complained that the failed deal cost it $750,000 in earnest money, and $75,000 in expenses, interest and fees.”