Finance  ·  Distress

Maryland’s Station Square Offices Set for Foreclosure Sale

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Alex Cooper Auctioneers has had a busy year already in the DMV.

Adding to a string of similar default sales in the region, the auction company announced that three offices, together known as Station Square in Downtown Silver Spring, Md., are set for public foreclosure auction on June 18, the Business Journals reported.

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Former owner and borrower Bridge Investment Group Holdings defaulted on loans tied to the buildings at 1010 and 1100 Wayne Avenue and 8484 Georgia Avenue. Property records show at least $84 million in financing backing the properties, led by Acore Capital Management.

Bridge acquired the properties for a combined $107 million in 2019, per records. The three buildings were completed between 1982 and 1987, and total about 505,000 square feet. 

A media representative for Bridge Investment did not return a request for comment from Commercial Observer.

Nationally, the office market has been stunned by lower office values due to high vacancy rates. The strenuous lending environment has also made it more difficult to refinance, forcing landlords and investors to hand over the keys to the asset.

For example, RMR Group and AEW defaulted on financing for a 123,000-square-foot, 10-story office in Downtown D.C., and that building is also set for foreclosure. And Clarion Partners recently handed over the keys to The Portrait Building.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.