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LOS ANGELES (AP) - When one of downtown Los Angeles' largest landlords said this week that it may seek bankruptcy protection because the company can't pay its loans, it didn't bode well for the commercial property market.
Meruelo Maddux Properties is just one of many Los Angeles landlords that is struggling against the recession and job losses, which are driving vacancies higher and giving tenants leverage in renegotiating more favorable lease terms.
"I think 2009 will inevitably be a very difficult year for property owners," said Hessam Nadji, managing director at Marcus & Millichap Real Estate Investment Services.
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