**Commercial Real Estate Foreclosure and Special Servicing Activity Highlights**
**Wanamaker Building Foreclosure Auction Set for June**
The historic Wanamaker Building at 1300 Market Street in Center City Philadelphia is slated for a foreclosure auction on June 3. TF Cornerstone, the New York-based developer and majority debt holder on the property, will enter the auction with a $120 million credit bid advantage, according to the *Philadelphia Business Journal*. The auction is being conducted via Bid4Assets, a platform used by the Philadelphia Sheriff’s Office, following the initiation of foreclosure proceedings in August 2023.
**Flagler Station Office Portfolio Changes Hands**
Trepp reported that Hamilton Development has acquired a $64 million mortgage backed by three office buildings at the Flagler Station development in Medley, Florida. Originally financed by Wells Fargo Bank in 2019, the loan funded Bridge Investment Group’s acquisition of the 407,379-square-foot office campus for $85.75 million. Following the mortgage purchase, Hamilton took ownership of the assets.
**Sparks, MD Office Park Heads to Foreclosure Auction**
The Highlands Corporate Office Park at 940 Ridgebrook Road in Sparks, Maryland will be sold via foreclosure on May 21, as reported by the *Baltimore Business Journal*. Auctioneer Alex Cooper Auctioneers will handle the proceeding at the steps of the Baltimore County Circuit Court in Towson. A $250,000 deposit is required to participate in bidding. The office park is currently vacant, according to a 2025 Cushman & Wakefield marketing brochure.
**Walnut Creek Office Property Acquired in Discounted Sale**
Roger Fields, principal at Peninsula Land & Capital, has purchased a 210,000-square-foot Class A office property at 3003 Oak Road in Walnut Creek, California for $22.5 million. The purchase price—roughly $107 per square foot—represents approximately one-third of the $66 million paid by previous owners Ridge Capital Investors and Westbrook Partners in 2017. The transaction, which marked a notable discount, was arranged through a three-way deal involving Peninsula Land, the seller, and lender Wells Fargo. Chris Banke of Eastdil Secured brokered the sale, according to the *San Francisco Business Times*.
**Seattle Waterfront Property Transferred via Deed-In-Lieu**
Ownership of 800 Alaskan Way on Seattle’s waterfront, a key development site formerly controlled by Martin Selig Real Estate (MSRE), has transferred to ACORE Capital through a deed-in-lieu of foreclosure. The *Puget Sound Business Journal* reported that Urban Renaissance Group has taken over asset and property management responsibilities. MSRE originally planned a 17-story mixed-use tower on the full-block site.
**1211 Avenue of the Americas Transferred to Special Servicing**
A $1.04 billion loan on 1211 Avenue of the Americas in Midtown Manhattan has been transferred to special servicing in advance of its August 2025 maturity. Morningstar Credit reported that a preliminary agreement is being negotiated to extend and modify the loan. Despite consistent performance during its term, the property’s 2024 net cash flow came in 9.8% below underwriting. Earlier this year, a 49% interest in the property was sold alongside plans for a $300 million renovation.
**GSA-Leased Portfolio Transferred Due to Maturity Concerns**
The $660 million NGP V GSA Portfolio was moved to special servicing due to an “imminent monetary default,” most likely related to its approaching August 2025 maturity. The portfolio comprises 41 properties fully leased to General Services Administration (GSA) entities. While past performance has remained stable, looming uncertainties around lease renewals and refinancing pose potential risks. A modification or extension request is expected, according to Morningstar Credit.
**75 Broad Street Loan Sent to Special Servicing Amid Cash Flow Concerns**
A $230 million loan secured by 75 Broad Street in New York City’s Financial District has been transferred to special servicing. The 35-story tower reported occupancy of 60% as of March 2025, declining from 72% the previous year and 86% at loan issuance. The borrower indicated future debt service payments cannot be supported by projected cash flow. The loan is scheduled to mature in April 2027.
