May 15, 1992 |
When a bank takes over a building it doesn't want, it typically treats the property like a stepchild. The building isn't a long-term investment on which the new owner wishes to lavish a lot of tender, loving care. Rather, it is a nuisance--something to unload as soon as possible. Such was the fate of 4100 Newport Place, a nine-story office tower in Newport Beach on which the Bank of Boston foreclosed in 1990 after the building's developer, McLachlan Investment Co.