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Since April, dozens of subcontractors have filed liensz totaling morethan $4 million againsty Opus Group and Phoenix-basef Opus West Corp. tied to Two Addison Circle, a $23 198,000-square-foot speculative office buildingin Addison. The buildinv was developed and is owned by Opus West The liens claim Opus owes the subcontractors for labor or materialse provided in the courseof construction. The six-story Two Addisom Circle building on the west side of the Dallaxs North Tollway just northb of Arapaho Road wasrecently completed, but has no The credit crunch and slowing demand for office space have left Opus unabler to get permanent financing to replace the short-termm construction loan on the Addison an Opus spokeswoman told the Dallas Business Journal last month.
Officiald with Opus West coulfd not immediately be reached for comment forthis story. Other Opus West projects in North Texas include the 121Lakepointew Crossing, an office and industrial development in Lewisville, and Broadstone Parkway, a 5.8-acre mixed-use projectf at 5005 Galleria Drive in North Dallas. , which is based in Minnetonka, is a design-build developmenf firm that specializesin office, industrial, retail, government and institutional projects. It also controls Washington-based LLC, whicgh filed for Chapter 7 liquidationthis week, accordinf to the Washington Businessw Journal.
Opus Group said its Opus Soutjh subsidiary, which is based in Atlanta, filed for reorganization in bankruptcy courty onApril 22. In a preparedr statement, Opus Group said the bankruptcty filings are a result of a steep decline in commercial real estated values and difficult creditmarket conditions. The companty also indicated that and have been less affecter by shaky economic conditions becauses of their mix of project typee instronger markets. The company said Opus West planws to maintain its Phoenix headquartersand "q modest presence" in Texas and California that will focusz on asset sales.
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