Ocwen Selling 3 'Frisco Assets for $210 million

Ocwen Financial Corp. is selling its three remaining San Francisco office buildings for aggregate proceeds of some $210 million. The properties are 225 Bush St., 450 Sansome St. and 10 United Nations Plaza.

Ocwen reported a net loss of $1.4 million for this year’s second quarter, compared with a net loss of $3.9 million in the same 1999 period.

The compay is focusing on fee-based business and has won a competitive bid for the servicing rights on more than $700 million of subprime mortgages (8,704 loans) from First Alliance Mortgage Co. The transaction was approved by the United States Bankuptcy Court in Santa Ana, CA.

Separately, Ocwen Bank FSB, currently has a 2.25 million-sf managed property portfolio with Grubb & Ellis Management Services. One of the assets, the 125-store Cutler Ridge Mall in South Miami-Dade County has a new tenant commitment from Garden Ridge, the Home Decor and Craft Marketplace. The tenant will open a 112,044-sf store during the first quarter of next year.