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Keyword: officecrash

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  • PIMCO’s Columbia Property Trust defaults on $1.7B of office loans

    02/24/2023 4:21:26 AM PST · by EBH · 17 replies
    The Real Deal ^ | 2/23/23 | Isabella Farr
    Columbia Property Trust, a large office landlord controlled by PIMCO, has defaulted on $1.7 billion in loans tied to seven buildings across the country, marking one of largest office defaults since the start of the pandemic. The firm is now working with its lenders — a group that includes Goldman Sachs, Citigroup and Deutsche Bank — to restructure its portfolio, according to Bloomberg. The loans were all floating rate, meaning Columbia Property Trust started to feel pain after interest rates soared last year. The loans are tied to three office buildings in New York, two in San Francisco, one in...