Peter Pays Paul

Inside commercial hard money lending.

26 Nov

WaMu’s failure may empty offices – ContraCostaTimes.com

Category: Commercial Real Estate, Credit Crisis

The landlord of the office space leased to Washington Mutual in Pleasanton may be without lease payments when JPMorgan/WaMu leaves the space.

This is but the beginning of the tumult that commercial real estate may feel as jobs are lost and companies vacate their space.

Washington Mutual’s departure from Pleasanton could do more than eliminate 1,200 jobs and erode the local economy and office market: The exit could leave the failed thrift’s landlord in the lurch without rental payments.

Why? Washington Mutual was placed into receivership by the Federal Deposit Insurance Corp. Under the terms of the deal whereby JPMorgan Chase obtained Washington Mutual’s assets through the FDIC receivership, JPMorgan can decide to cease making rental payments when WaMu vacates the five-building complex at the corner of Johnson and Franklin drives in Pleasanton.

WaMu’s failure may empty offices – ContraCostaTimes.com.

Tags: California, Commercial Real Estate, East Bay


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Posted Wednesday, November 26th, 2008 at 12:23 pm
Filed Under Category: Commercial Real Estate, Credit Crisis
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