The value of Columbia Property Trust's office portfolio was slashed by 30% by appraisers following the firm's default on $1.7B in loans. Pimco acquired Columbia Property Trust in 2021 for a value of $3.9B. According to Trepp, the portfolio with office buildings in New York City, San Francisco, Boston, and Jersey City was worth $2.34B. - Wells Fargo, the special servicer on the CMBS loan for the properties, brought the portfolio's value down to $1.6B and commented that rent collections are an issue at several properties.
- Two properties, one in San Francisco and one in Manhattan, were on lease to Twitter, accounting for 11% of the portfolio's rental income.
- Elon Musk's decision not to pay rent has contributed to the rent collection issues mentioned by Wells Fargo.
|
