Posted June 7, 2012 by Rogers Healy

The KPMG Centre sells at foreclosure auction

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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