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Receiver takes over Woodies Building after Douglas missed debt service
The D.C. Superior Court ordered the 500,000-square-foot Woodies Building at Metro Center to be placed into receivership after Douglas failed to pay debt service for nine months.
Bisnow reports that Douglas Development Corp. lost control of the Woodies Building in downtown Washington, D.C., after failing to make debt service payments for nine months.
A D.C. Superior Court judge ordered the half-a-million-square-foot building at Metro Center, located at 1025 F St. NW, be transferred to a receiver, Trigild IVL, which will take over operations and management of the property. The Sept. 2 court order gives the receiver authority over the property’s financial, leasing, and administrative matters, according to the filing.
The receivership could lead to changes in the building’s future ownership and business plan, Bisnow writes. The transfer follows the building’s recent loss of a major federal tenant, the FBI.
Bisnow also notes that the order stems from a lawsuit filed in August by the trustee for Douglas’ lender, an investment trust under South Korea’s IGIS Asset Management, against limited liability companies affiliated with Douglas Development. The lender is the holder of a $204.1 million loan tied to the property, according to the article.