Pacific Investment Management Co.'s office landlord, Columbia Property Trust, defaulted on a $1.7B mortgage.
Pimco acquired Columbia Property Trust in 2021 for $3.9B.
Columbia Property Trust defaulted on mortgage notes on seven buildings in San Francisco, New York, Boston, and Jersey City.
- According to a Columbia Property Trust spokesperson, the company is working with its lenders to restructure the loan on the seven properties.
- The seven buildings were appraised at $2.27B in 2021, and Goldman Sachs, Citigroup, and Deutsch Bank provided the original debt of $1.9B.
