A 32-story office tower in the heart of Boston’s Financial District is headed to the auction block next month, after Wells Fargo moved to foreclose on 100 Summer St. An auction is scheduled for Oct. 20 at 2 p.m., with the building currently listed as 72 percent leased even as its owner, Rockpoint Group, faces the loss of one of downtown Boston’s largest office properties.
Wells Fargo provided Rockpoint Group with a $470 million mortgage in October 2019 when the private equity firm acquired the 1.1 million-square-foot tower, according to Banker & Tradesman. The property, developed in 1980 by Cabot, Cabot & Forbes, sits among the taller fixtures of the district and is described on its own building website as a 32-story, 1.1 million-square-foot tower. As reported by Bisnow, the foreclosure marks another blow for a downtown office market that has struggled to fully recover.
The building isn’t without paying tenants. The Massachusetts Trial Court leased more than 79,000 square feet across three floors at 100 Summer St. for a 10-year term, with a base rent of $64.77 per square foot, the same Banker & Tradesman report notes. That government lease offers a measure of stability even as the tower’s ownership situation unravels.
A Bigger Auction Than Last Year’s One Lincoln Sale
The scale of the 100 Summer St. foreclosure stands out. The auction is described as the largest in over a decade, eclipsing last year’s foreclosure of another Financial District property, the 1.1 million-square-foot One Lincoln, per the same account from Banker & Tradesman. That comparison underscores just how significant this sale could be for a market still working through distressed office assets…