Since it has been so long since Heller Ehrman collapsed, it’s easy to forget that the firm’s dissolution continues to affect so many. Today, the San Francisco Chronicle reports that the owners of the building that housed Heller will now have to forfeit that property:
The owners of a premier San Francisco office tower plan to forfeit the property to their lenders, the city’s second distressed transaction involving a major commercial building in recent weeks and another sign of the growing pressures in the sector.
Hines and Sterling American Property decided to transfer their interest in 333 Bush St. to the original financers, following the surprise dissolution of law firm Heller Ehrman in September, according to a letter Hines sent to local real estate brokers and obtained by The Chronicle. The 118-year-old law firm defaulted on its 250,000-square-foot lease, leaving the nearly 550,000-square-foot property 65 percent vacant.
That’s one hell of a jingle mail.
How are former Heller associates and partners doing these days? Have people put the Heller experience behind them? Or is the pain still too near to talk about it?
S.F. tower’s owners will forfeit it to lender [San Francisco Chronicle]
Earlier: WilmerHale Hires Operational Wisdom, From Heller Ehrman