Dallas’ Whitestone Uptown Tower LLC Files for Chapter 11 Bankruptcy

Whitestone Uptown Tower LLC

Whitestone Uptown Tower LLC, the owner of the Uptown Tower office building in Dallas, announced it has filed a Chapter 11 voluntary petition for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas.

According to the company, the bankruptcy filing comes one day before a foreclosure sale of the property that was scheduled for Dec. 5. A Whitestone REIT subsidiary is a guarantor on the Uptown Tower mortgage loan.

Whitestone Uptown Tower LLC is a subsidiary of Pillarstone Capital REIT Operating Partnership LP, a partnership owned by Pillarstone Capital REIT (as a general partner) and Whitestone REIT Operating Partnership LP (as a limited partner). Pillarstone was seeking to sell the property to satisfy the loan obligations, but Whitestone has not approved a sale.

Pillarstone CEO Bradford D. Johnson said the bankruptcy filing was “a necessary step after Pillarstone efforts to resolve the dispute with Whitestone failed to achieve a workable solution.”

ENB
Sandstone Group