Village Homes Renews Lease
Some good news for Village Homes of Colorado, amidst its battles with lenders - the bankruptcy court has granted its request to renew the lease for its corporate headquarters office in Greenwood Village. The new lease expires in Jun’09, with an option to renew for two 6-month periods. One way of viewing this is that the landlord has undertaken a risk assessment of the builder and concluded that the probability of default on lease payments (administrative expenses at this point) is not high. Another way of viewing this is that it might not be easy to find new tenants anyway - an indication of the declining commercial real estate market.
