File photo courtesy of Newmark

A lender scheduled a foreclosure auction for a Boston office tower that sold for $806 million just a few weeks before the COVID-19 outbreak.

The 32-story 100 Summer St. is owned by Rockpoint Group. Developed in 1980 by Cabot, Cabot & Forbes, it contains approximately 1.3 million square feet of total space. The auction is the largest in over a decade, eclipsing last year’s foreclosure of another Financial District property, the 1.1 million square-foot One Lincoln.

100 Summer St. is currently 72 percent leased, according to an auction notice by Sullivan & Sullivan Auctioneers. The next owner will receive stable in-place cash flow and “significant long-term investment potential,” according to the announcement.

An auction is scheduled for Oct. 20 at 2 p.m. at the property, located a block from South Station.

Wells Fargo provided a $470 million mortgage in October 2019 when Rockpoint acquired the property. The previous owner was Blackstone and EQ Office.

In recent years, 100 Summer has added new tenants such as security company SimpliSafe and Ironwood Pharmaceuticals.

The building also is gaining a new tenant in administrative offices of the Massachusetts Trial Court, which leased over 79,000 square feet on three floors in a relocation from 2 Center Plaza. The 10-year trial court lease has a base rent of $64.77 per square foot.

Rockpoint Group, which has headquarters in Dallas and offices in Boston, did not immediately respond to a request for comment.

Wells Fargo Forecloses on Boston’s 100 Summer St. Office Tower

by Steve Adams time to read: 1 min
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