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Wells Fargo seeks foreclosure on Workspace Property Trust CMBS portfolio
The nearly $10M SF portfolio has fallen to 75% occupancy, and Wells Fargo is seeking unpaid principal of about $1.23B plus interest, special servicer fees, and attorney expenses.
Wells Fargo has filed multistate foreclosure lawsuits tied to a commercial mortgage backed securities, CMBS, portfolio held by Workspace Property Trust, according to Bisnow. The action targets a portfolio originating in 2018 with a $1.28B CMBS loan backed by 146 office and industrial properties totaling nearly 10M SF across four states.
The foreclosure filings were submitted in multiple states this month, with the portfolio now including 143 properties and valued at $1.24B, down from $1.63B at issuance, according to Morningstar Credit cited by Bisnow. The properties are located in Arizona, Florida, Minnesota, and Pennsylvania.
Bisnow reports the unpaid principal balance is about $1.23B as of Sept. 29, as stated in a lawsuit filed in Hennepin County, Minnesota. The lender is seeking that balance plus interest, special servicer fees, and attorney expenses, and the loan was moved to special servicing in May 2023.
The portfolio is about 75% occupied, down from nearly 89% at origination and 81% in 2022, according to Morningstar. Bisnow also notes Trigild was appointed receiver for the entire portfolio after Wells Fargo filed a lawsuit in Maricopa County, Arizona, in September 2025, and KeyBank National Association is identified as the special servicer and attorney in fact for the lender.