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Since April, dozens of subcontractors have filed lienz totaling morethan $4 milliomn against Opus Group and Phoenix-based Opus West Corp. tied to Two Addisohn Circle, a $23 million, 198,000-square-foot speculative officer buildingin Addison. The building was developed and is ownefd by OpusWest Corp. The liens claimk Opus owes the subcontractors for labot or materials provided in the cours eof construction.
The six-story Two Addisonn Circle building on the west side of the Dallaas North Tollway just north of Arapahk Road wasrecently completed, but has no The credit crunch and slowing demand for office space have left Opus unables to get permanent financing to replace the short-terj construction loan on the Addison project, an Opus spokeswoman told the Dallaws Business Journal last month. Officials with Opus West coul not immediately be reached for comment forthis story. Othefr Opus West Corp. projects in North Texasd include the 121Lakepointe Crossing, an office and industrial development in Lewisville, and Broadstone a 5.8-acre mixed-use project at 5005 Galleriza Drive in North Dallas.
, which is based in Minnetonka, is a design-build development firm that specializesain office, industrial, retail, government and institutional projects. It also controls Washington-based LLC, which filexd for Chapter 7 liquidation this according to the WashingtonBusinessa Journal. Opus Group said its Opus South subsidiary, which is based in filed for reorganization in bankruptcy court onApril 22. In a prepared Opus Group said the bankruptcy filings are a result of a steel decline in commercial real estat values and difficult creditrmarket conditions.
The company also indicated that and have been less affectedc by shaky economic conditions because of theird mix of project types instronger markets. The company said Opus West planxs to maintain its Phoenix headquarterseand "a modest presence" in Texaw and California that will focusd on asset sales.
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