Photo courtesy of Paul E. Saperstein Co.

Lenders scheduled a real estate auction for the 1.1 million-square-foot One Lincoln tower in Boston, in the biggest example of fallout from the downtown office market’s post-pandemic distress.

New York-based owner Fortis Property Group has been struggling to find tenants to replace its long-time office tenant anchor, State Street Corp., which relocated to the newly completed One Congress tower in 2023 and left nearly half of the 36-story tower vacant.

Paul E. Saperstein Co. has scheduled an auction for 11 a.m. on March 20.

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.

A real estate industry source said the senior loan debt of $765 million is now controlled by GIC, the Singaporean sovereign wealth fund, with $145 million in floating-rate mezzanine financing from DivcoWest.

In November, the owners reached an agreement with WeWork on a lease for three floors, in a significant reduction from the 241,000 square feet that the coworking provider had once occupied as the largest tenant.

Private equity firm HarbourVest leased 250,000 square feet in 2022, partially offsetting the State Street Corp. departure. Law firm Sherin and Lodgen leased a single floor in early 2024.

The tower near South Station was built in 2003. Since the pandemic, many major tenants have gravitated to newer buildings as leases expire, trading up to higher-tier class A properties.

Boston’s 77.6 million-square-foot office market had a 19.5 percent vacancy rate at the end of 2024, according to a report released this week by brokerage Hunneman. But vacancies among class A buildings like One Lincoln were still 15.5 percent.

San Francisco-based DivcoWest is master developer of the Cambridge Crossing mixed-use project anchored by drugmakers Sanofi and Bristol-Myers Squibb.

Fortis Property Group and DivcoWest could not immediately be reached for comment.