According to the Washington Business Journal, George Washington University has acquired an office building located at 2001 Pennsylvania Ave. NW in Washington, DC for swing space and future expansion purposes. The 161,000-square-foot building was purchased for $35 million or approximately $217 per square foot from Carr Properties. Carr Properties had bought the property in 2014 for $107.75 million but defaulted on its mortgage earlier this year with a remaining balance of $65.8 million issued by MetLife.
The planned foreclosure auction was later cancelled and the property remains under GWU’s ownership.
In Houston, a prominent Galleria-area office building known as 2425 W Loop S., designed by I.M Pei, has been sold to an undisclosed buyer following a Chapter 11 bankruptcy sale for $27 million dollars according to reports from Hilco Real Estate Sales and the Houston Business Journal . The sale was conducted after Galleria Owner LLC filed for bankruptcy connected to Jetall based in Houston.
Meanwhile in San Francisco , Paramount Group Inc is looking into selling their loan backed by Market Center worth around $400-million which would also put up their downtown San Francisco office complex measuring at over half-a-million square feet up on market as well according reports from Eastdil Secured who are advising ING along with other lenders involved including Amsterdam-based ING .
Morningstar Credit reported that Eastport Plaza (worth about %17-2million) moved into special servicing due defaulting upon maturity while maintaining occupancy rates of around %95 despite net cash flow being down almost twenty percent below what it should have been back during its underwritten period which ended last year (2023).
River View Shopping Center ($16-4million) also moved into special servicing recently bouncing between breakeven levels over past few years while staying mostly occupied at eighty-percent capacity however servicer commentary noted borrower filing bankruptcy sometime ago already; Fresno California retail plaza.
Finally, 4444 Lakeside ($9.5 million) was transferred to special servicer for imminent default according Morningstar Credit reports. The loan is backed by creative office space in Burbank California and has been cash managed since sole tenant Warner Brothers Entertainment failed to renew its lease twelve months before November 2024 expiration date with entire building now available at $51 per square foot as shown on online listings.
