An article in yesterday's Wall St. Journal discussed Maguire Properties' (MPG) loss of several buildings that it had recently acquired from Equity Office (EOP)/Blackstone (BX). The poor economy and job losses have raised vacancy rates, and backfilling space with costly capex and lower rents left the buildings unable to meet their debt service requirements.

We have only just begun to see stories such as this, and in order to address the next crisis we will need to acknowledge some painful truths.