$177M CMBS Loan Backed by Texas Office Campus Sent to Special Servicing

A $177 million commercial mortgage-backed securities (CMBS) loan secured by 7700 Parmer, a Class A office complex of four buildings in Austin, Texas, has been sent to special servicing due to a drop in occupancy ahead of its December 2025 maturity, according to an alert from Morningstar Credit. 

The $177 million loan — part of the JPMCC 2015-JP1, JPMBB 2016-C1 and DBJPM 2016-C1 conduit CMBS deals — is current as of June 2025, but the amount of occupancy drops has put the loan into risky standing with investors. The office complex is owned by Accesso Partners, a national commercial real estate firm.  

The building’s second largest tenant, eBay, shrunk its footprint by 50 percent, while fellow tenant Dun and Bradsheet left entirely, leaving the building with an occupancy rate of 74 percent today, down from 99 percent in 2023, according to Morningstar Credit.  

Previous tenants have included PayPal, Electronic Arts and Polycom. 

Located at 7700 Parmer Lane, about 16 miles northwest of Downtown Austin in the area’s Silicon Hills neighborhood, the office campus sits on 129 acres and features 911,000 square feet of office space. The site is directly beside Apple’s $1 billion Austin office campus. 

In 2020, 7700 Parmer secured a rezoning approval that will allow the campus to expand and include six buildings and nearly 800,000 square feet of new office space, 80,000 square feet of new retail space, a four-story apartment complex, a 340-room hotel and at least 6,100 new parking spaces. But those plans have yet to manifest into any development, even as they remain on Accesso Partners’ website.   

Morningstar Credit said the existing loan carries $37 million in reserves. 

Accesso did not respond to requests for comment. 

Brian Pascus can be reached at bpascus@commericalobserver.com.