MPG Office Trust Inc. and CWCapital Asset Management, the special servicer for 3800 Chapman, a property in Central Orange County, CA, entered into an agreement that will allow MPG to remain the as title holder to the 172,000-square-fott Class A office building
- but only until a buyer is found.
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The deal calls for transfer of the property by Dec. 31, 2012, at which time the company will cease to own the asset.
As part of the deal, MPG will pay down $2 million on the loan. The current balance of the loan on the property is $44.37 million. The loan is held in CMBS GS Mortgage Securities Corp. II - 2007-GG10.
It transferred to special servicing last December for imminent monetary default.
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