That’s the question for tenants and management alike as everyone awaits the appointment of a receiver following Tuesday’s ruling by Judge Vicki Robertson that the owners, lead by Milbank Real Estate CEO Aaron Yashouafar, are in default on a $19 million mortgage with Capmark Bank.
Tenants want to know what’s going on. Tenants are anxious. That’s understandable. One thing to keep in mind as some of you out there contemplate storming the gates of the management office is that they’re just as much in the dark as anyone else. Today they work for Milbank. Today they have to follow orders from Los Angeles (where Yashouafar is based). The management team doesn’t know who they will be working for next week. They don’t even know if they have jobs.
Don’t be surprised if the vows of continuing the fight give way to something different. Over the next day or two I’ll be delving into Milbank’s actions elsewhere and what we might learn from this recent history. I don’t think the tower is in danger of going dark – there are far too many influential tenants in this complex, most notably Devon Energy, and enough interest by local players in acquiring this property and restoring it to its former glory.
For now, the best move tenants might have is to relax, stay vigilant, watch, listen, and of course let me know of any big changes!