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Owner's financial problems may prompt PNC, Davy exits
DOWNTOWN - The limited partnership that owns One Oliver Plaza has filed for bankruptcy, endangering retention of its two largest tenants - Davy International and PNC Bank Corp.
One Oliver Plaza Associates L.P., which purchased the 610,000-square-foot office building in 1983, filed for reorganization under the protection of Chapter 11 of federal bankruptcy law in late March.
On April 8, a U.S. Bankruptcy Court judge in Philadelphia approved a consent agreement with One Oliver Plaza Associates and the property's mortgage holder, Mellon Bank Corp., giving One Oliver Plaza Associates the ability to collect rents and pay bills.
"It's business as usual," said Don Gary, president of Connecticut-based Real-Vest Corp., a real estate investment company with ties to One Oliver Plaza. Real-Vest is the parent of Oliver Plaza Corp., One Oliver Plaza Associates' general partner.
The building's owner has until …