The fate of the iconic Heard Building, the first high-rise built in downtown Phoenix, is up in the air as the office sector continues to struggle following the COVID-19 pandemic.
The owner of the Heard Building, an entity connected to national coworking operator Expansive, is in danger of losing the asset at a November foreclosure sale, according to a filing in Maricopa County.
Lender SMS Financial VW LLC in August filed a notice of trustee sale related to an $11.7 million debt it took over in July from First Interstate Bank. SMS Financial VW is a partnership between Phoenix-based ViaWest Group and SMS Financial.
Read more of this story from the Business Journal.
