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Wells Fargo moves to foreclose on 100 Summer St. Boston office tower
The 32-story, 1.1M SF tower is slated for an Oct. 20 auction after Wells Fargo initiated foreclosure, despite a listing that described it as 72% leased.
Wells Fargo has moved to foreclose on 100 Summer St., a 32-story, 1.1 million square-foot office tower in downtown Boston owned by Rockpoint Group, according to deed records posted Friday.
The property is scheduled for an Oct. 20 auction with Sullivan & Sullivan Auctioneers. The auction listing, first reported by Banker & Tradesman, described the building as a “trophy” office tower and said it was 72% leased.
Deed records show Rockpoint Group paid $806 million to acquire 100 Summer St. in 2019, and that Wells Fargo provided a $470 million loan tied to the purchase. The building, developed in 1980, had more than 330,000 square feet listed as available on its website now.
The action comes as some other 1980s-era downtown Boston office properties have benefited from renovations and new leasing, while office vacancy in the central business district remains elevated. CBRE data cited in the filing shows availability of 28.2% in Class B and C buildings versus 23.8% in Class A buildings, and the lower classes had 90,000 square feet of negative absorption through the first six months of the year.