While The Grateful Dead likely wasn’t referring to a commercial real estate deal when they sang "Don’t let that deal go down," Jerry Garcia could easily have been talking directly to the investors involved in property deals that fall apart.

And he could have been talking about one pretty big recent deal in particular – the potential sale of the Boston Herald’s new home at Seaport Center, located at 70 Fargo St. in South Boston.

The owners, a partnership of Boston-based Beal Cos. and Rockpoint Group, had the property under contract with New York firm Rabina Properties for upwards of $115 million, according to industry insiders.

Then, the deal collapsed.

It seems Rabina didn’t want to pay what they had initially offered for the property, which is now about 95 percent leased, according to sources. But Rabina representatives likely felt they needed to be out ahead of the pack, so they bid the price up to be Beal’s top pick in the bidding process, as is often the case in the bidding wars over properties.

Beal representatives declined to comment for this article and Rabina did not return calls seeking comment.

"They had it under agreement for a big number, and Rockpoint was pretty darn happy about it, but we thought the number was fairly high," said one investor who considered bidding on the property early on in the process.

Another local real estate executive said the deal could have fallen apart because the owners themselves did not want to sell at today’s market prices, perhaps instead preferring to see if the popularity and buzz the Seaport area is generating could drive prices higher.

It is unclear if Beal will attempt to procure another buyer for the 293,000-square-foot building.