By D.J. Burrough - GlobeSt.com
March 15, 2001
PHOENIX-The bankruptcy filing of Finova may leave a big hole in upscale office space in Scottsdale.
The commercial finance company can reject its 200,000-sf lease in a tony office building, as part of its Chapter
11 reorganization. The company could move out of the building or seek space at a much lower lease rate, leaving
the building's owner, developer Paul Barker, just another creditor.
The posh office building, which is at 4800 N. Scottsdale Rd., has significant improvements that Finova paid for
itself. About 300 employees still work at the headquarters. Finova moved into the building in 1998.
Both the building owner and Finova say that no decision has been made about the firm's headquarters space. If the
company moves out now, it would be walking away from a significant investment.
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