Posted June 7, 2012 by Rogers Healy
The KPMG Centre at 717 N. Harwood St. in downtown Dallas, was sold to its lenders at Tuesday's foreclosure auction for $42 million.
The 34-story, 828,000-square-foot, downtown skyscraper has $64 million in listed debt but only appraised for $44 million, according to data from Addison-based Foreclosure Listing Service Inc. If the lenders didn't buy the property they could have lost $22 million.
With leases expected to increase as the market firms up and KPMG occupying about 71 percent of the building, the purchasing group hoping to attract a new buyer for the property in the near future.
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