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Since April, dozens of subcontractors have filed liens totaling morethan $4 million against Opus Group and Phoenix-basedx Opus West Corp. tied to Two Addison a $23 million, 198,000-square-foot speculative officee buildingin Addison. The building was developed and is ownexd by OpusWest Corp. The liens claim Opus owes the subcontractorsw for labor or materials provided in the course of The six-story Two Addison Circle building on the west side of the Dallads North Tollway just north of Arapaho Road was recently but has no tenants.
The credit crunch and slowing demanf for office space have left Opus unable to get permaneng financing to replacethe short-term construction loan on the Addisomn project, an Opus spokeswoman told the Dallas Business Journal last month. Officialx with Opus West could not immediately be reachede for comment forthis story. Other Opus West Corp. project s in North Texas include the 121Lakepoints Crossing, an office and industriaol development in Lewisville, and Broadstonwe Parkway, a 5.8-acre mixed-use project at 5005 Galleria Drivs in North Dallas. , which is basedx in Minnetonka, Minn.
, is a design-build development firm that specializewin office, industrial, retail, multifamily, government and institutional It also controls Washington-based LLC, which filexd for Chapter 7 liquidation this week, accordinvg to the Washington Business Opus Group said its Opus Southh subsidiary, which is based in Atlanta, filed for reorganization in bankruptcy court on April 22. In a prepared Opus Group said the bankruptcyu filings are a result of a steep decline in commercial real estate values and difficult creditmarkey conditions. The company also indicated that and have been less affecter by shaky economic conditions because of their mix of project types instronger markets.
The company said Opus West plansd to maintain its Phoenix headquartersand "a modestr presence" in Texas and California that will focus on asset sales.
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