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Verizon call center owner defaults on loan

June 9, 2018

Verizon Wireless’s former call center building is going up for auction.

The nearly 113,000-square-foot building at 4600 Innovation Drive in northwest Lincoln was foreclosed on last week by its lender.

Verizon Wireless, which closed the call center more than a year ago, did not own the building. Its owner, MDG Lincoln LLC, a subsidiary of Chicago-based real estate development firm SMB Bradley, defaulted on its $14 million mortgage in January.

The auction is scheduled to take place June 19-21. According to a listing on the website of the company handling the auction, the minimum bid is set at $2.45 million.

Richard Meginnis, president of NAI FMA Realty, said there has been interest in the building from potential buyers, and he expects there will be at least three or four bids.

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“There should be some interest. It’s a heck of a deal,” said Meginnis, whose firm is acting as local adviser to the lender that foreclosed on the property.

Not only is the property likely to sell at a large discount, but it is relatively new, having been built in 2007, and Verizon left behind most of the furniture and fixtures, Meginnis said.

The auction website says the building would be “appealing for a corporate headquarters or branch office.” It also could be subdivided for use as a multi-tenant building.

Verizon opened the call center to much fanfare in 2007, saying it eventually planned to have 800 people working there. It never came close to that number, and there were only about 325 employees when it closed.

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