Everyday Life Lessons By Bill Gates (1 of 3)
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Now Coming to the Commercial-Property Market: Defaults
New signs of weakness emerging; ‘There’s going to be a correction’ • For nearly a decade, the 14-story Houston office building called Northborough Tower proved a reliable investment for fund manager Behringer Harvard, staying fully leased and generating millions in profit. But now the gleaming building is being surrendered to creditors. Its $21 million mortgage came due in January, and Behringer Harvard wasn’t able to find buyers willing to pay more than that. At the same time, its only tenant is leaving and the Houston office market is reeling from low oil prices. “We received no offers above the debt balance,” said Thomas Kennedy, president of the Behringer Harvard fund...