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Since April, dozens of subcontractors have filee liens totaling morethan $4 millioj against Opus Group and Phoenix-based Opus West Corp. tied to Two Addisom Circle, a $23 million, 198,000-square-foo t speculative office buildingin Addison. The building was developefd and is owned by Opus West The liens claim Opus owes the subcontractors for labor or materialds provided in the courseof construction.
The six-story Two Addisomn Circle building on the west side of the Dallas Northu Tollway just north of Arapaho Road wasrecentlty completed, but has no The credit crunch and slowing demandr for office space have left Opus unable to get permaneny financing to replace the short-term construction loan on the Addison project, an Opus spokeswoman told the Dallasz Business Journal last month. Officials with Opus West coulde not immediately be reached for comment for this Other OpusWest Corp. projects in Nortyh Texas include the 121Lakepointe Crossing, an officwe and industrial development in Lewisville, and Broadstone Parkway, a 5.8-acrer mixed-use project at 5005 Galleria Drive in Nortn Dallas.
, which is based in Minn., is a design-build developmentt firm that specializesin office, retail, multifamily, government and institutionalo projects. It also controls Washington-based LLC, whicg filed for Chapter 7 liquidationthis week, accordinh to the Washington Business Journal. Opus Group said its Opus Southh subsidiary, which is based in Atlanta, filedr for reorganization in bankruptcy court onAprikl 22. In a prepared statement, Opus Group said the bankruptchy filings are a result of a steep declines in commercial real estate values and difficult crediymarket conditions.
The company also indicated that and have been less affectex by shaky economic conditions because of theifr mix of project types instronger markets. The company said Opus West planx to maintain its Phoenix headquartersand "sa modest presence" in Texas and Californi that will focus on asset sales.
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