- The Chapter Buildings in Seattle’s University District traded June 30 after their owners surrendered the newly completed office and life science campus through a deed in lieu of foreclosure, according to the Puget Sound Business Journal. Bank OZK took ownership of the development after the borrowers transferred the buildings to satisfy a $196 million loan secured in 2022, according to King County records. The 10- and 12-story towers total over 400,000 square feet. The transfer ends the ownership for Touchstone, an affiliate of Seattle’s Urban Renaissance Group, and Atlanta-based Portman Holdings, which developed the project with Houston-based joint venture partner Lionstone Investments.
- The Pittsburgh Business Times reported that one of downtown Pittsburgh’s best known and most highly visible office properties has a new owner. Great Neck, NY-based Namdar Realty Group, best known locally as the owner of the long-struggling Galleria at Pittsburgh Mills, has quietly disclosed on its website that it is now also the owner of Gateway Center. Namdar lists the approximately 1.5-million-square-foot Gateway Center complex among its portfolio of properties on its website, designating the complex on its website as a “note” buy. Wells Fargo Bank had filed the foreclosure action against Hertz Gateway Center LP in October 2024 after it had entered special servicing in August of that year. The loan, originally valued at $112 million, had a balance of $91.8 million.
- Three years after foreclosing on a North Broad Street apartment building, its debt holders have sold the property to a national investment firm for $40.5 million, reported the Philadelphia Business Journal. An entity tied to Florida-based Kayne Anderson Real Estate acquired the 265-unit Lofts 640 from a CMBS trust that owned the $46-million loan that previously backed the building. The loan matured in late 2021, and the trust took possession of Lofts 640 after a foreclosure judgment was issued on the property in March 2023. The building at 630-40 N. Broad St. dates back to 1913 and was redeveloped by active North Broad real estate developer Eric Blumenfeld in 2006.
- An office building near Market Street that was once home to WeWork sold to a New York-based investor, according to the San Francisco Business Times. Seven Equity Group bought 25 Taylor St. — a roughly 50,000-square-foot office building connected to the Golden Gate Theatre at the nexus of Mid-Market and the Tenderloin — out of receivership for $6.75 million. Former owners War Horse Cities bought the property in 2012 for $6 million, property records show, and converted it into a WeWork that opened in 2013. After the coworking giant closed its office there in 2021 as part of its bankruptcy proceedings, it left War Horse Cities with an almost entirely empty building.
- An auction for a 17-story tower in downtown Denver concluded with a high bid of just under $3.53 million for the 216 16th St. building known as Columbine Place. The Denver Business Journal reported that if the high bid holds, the building would sell for $23.60 per square foot. The 149,222-square-foot skyscraper previously served as collateral for a $15.5 million loan in 2015. Building values in downtown Denver have dropped significantly since then, but the Denver Tax Assessor still considers the property’s value to be almost $8 million.
- Another Denver office building is hitting the auction block, according to the Denver Business Journal. The full block at 16th and Sherman streets, in Denver’s Capitol Hill east of downtown, is slated to be sold in an auction taking place Aug. 17-19 with a starting bid of $1.5 million. The selloff appears to be a lender-initiated auction by a group that took the property over in 2024 after the previous owner didn’t pay off a 2018 loan.
- The Albany Business Review reported that a life insurance company that holds a $30.5-million mortgage on one of downtown Albany’s largest office buildings is seeking to foreclose on the property and an adjacent parking garage. The 12-story, 207,000-square-foot building at 80 State St. has a five-story, 486-space garage at 11-13 South Pearl St. that services the office tenants and surrounding properties. The mortgage was assigned this past March to American Savings Life Insurance Co. of Mesa, AZ, which claims that leaseholder Fund 80 LLC defaulted on the loan when it failed to make payments of about $216,400 in May and June.
- Augusta Mall ($155.3 million | WFRBS 2013-C15 & WFRBS 2013-C16 | CMBX.7) has moved to special servicing ahead of its August 2026 maturity, with a modification request already under review, Morningstar Credit reported. The loan, which was initially set to mature in 2013, has previously been modified twice, first extending maturity to August 2025 and then extending an additional 12 months to August 2026. Performance for the Georgia retail asset has failed to improve since the original modification.
