The 32-story building at 100 Summer St. spans 1.1 million square feet at the intersection of Summer and Devonshire streets, a stone’s throw from South Station. It will be sold at a foreclosure auction next month.
The tower’s owner is Boston-based real estate private equity firm Rockpoint, which in October 2019 bought the tower for $806 million and secured a $470 million mortgage with Wells Fargo. The deal was done just a few months before the COVID-19 pandemic swept across the US, according to Suffolk County deed records.
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The pandemic walloped downtown Boston’s commercial real estate and office market, and recovery has been slow. Commercial property values last year declined for the second year running, and many office buildings have sold at far below their assessed values.
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It’s unclear what 100 Summer St. could sell for, though auctioneers Sullivan & Sullivan require prospective bidders to hold a $10 million deposit in escrow the day before the auction. The tower is 72 percent leased to tenants including Bloomberg and Bullhorn, with at least $339 million in rent coming in, according to the auction house.
Designed by architect Welton Becket, the tower is “one of Downtown Boston’s most recognizable office properties, offering sweeping 360-degree views of the city and harbor,” the auction materials read. “Its prominent plaza and highly visible location make 100 Summer Street a true landmark within Downtown Boston.”
The auction would include 102 underground parking spaces and bicycle storage. There’s potential for a new owner to add a rooftop deck, which “could present a significant value enhancement,” the auction materials say.
