Photo by James Sanna | Banker & Tradesman Staff
Lenders postponed an auction of Boston’s One Lincoln office tower at the last minute, delaying a potential change of ownership for the 1.1 million-square-foot skyscraper.
The auction is now scheduled for 11 a.m. on Friday, said Samantha Saperstein, executive vice president at Paul E. Saperstein Co. Auctioneers & Appraisers. No reason was given for the delay.
Today’s scheduled auction drew a crowd of onlookers and potential bidders outside the tower’s Kingston Street entrance, while the building undergoes a long-planned renovation.
New York-based Fortis Property Group bought the tower in 2006 for $889 million. Fortis Property Group refinanced its debt in September 2022, receiving $1 billion in mortgage financing from JPMorgan Chase and MSD Real Estate Credit Opportunities Fund Partners.
DivcoWest subsequently provided $145 million in mezzanine financing, while Singarporean sovereign wealth fund GIC lent $765 million in senior debt.
The tower lost anchor tenant State Street Corp. in 2023 with its relocation to One Congress, while WeWork drastically downsized its footprint to three floors last year after declaring bankruptcy. The building’s largest tenant is financial services company HarbourVest, which leased 250,000 square feet in 2022.
