Whitestone Uptown Tower, LLC is a subsidiary of Pillarstone Capital REIT Operating Partnership LP, a partnership owned by Pillarstone Capital REIT, as general partner, and Whitestone REIT Operating Partnership, L.P., as limited partner. Pillarstone was seeking to sell the property to satisfy the loan obligations, but was blocked by Whitestone’s refusal to approve the sale as required by the legal action between the parties in the Delaware Chancery Court. The parties are awaiting a decision from the Delaware Chancery Court after a trial in July of this year.
Pillarstone’s CEO, Bradford D. Johnson, characterized the bankruptcy filing as “a necessary step after Pillarstone efforts to resolve the dispute with Whitestone failed to achieve a workable solution.”
CONTACT: Contact: Priscilla Gonzalez PILLARSTONE CAPITAL pgonzalez@pillarstone-capital.org (281) 747-9997 x103
