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Rockpoint buys back Boston office tower at foreclosure auction

Rockpoint buys back Boston office tower at foreclosure auction

Money Moves Boston, MA local

Firm repurchases 100 Summer St. for $260 million, 68% below its 2019 price

Yesterday: Rockpoint buys back 100 Summer St. for $260 million

Overview

Updated 1 hour ago

Rockpoint Group paid $806 million for Boston's 100 Summer St. tower in late 2019, using a $470 million Wells Fargo mortgage. On Oct. 27, 2026, it bought the building back at a foreclosure auction for $260 million, a 68% discount. It was the only bidder.

This is the third distressed Boston office sale since early 2025, and each one ended the same way: the lender or original owner took back the building at a fraction of its peak value. The $236-per-square-foot price reflects 72% occupancy and the weak market for older towers competing for tenants in the post-COVID era.

Why it matters

Boston's older office towers have lost about two-thirds of their value. Lenders and owners are absorbing those losses through buybacks.

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Key Indicators

$260 million
Auction purchase price
Rockpoint's winning bid for 100 Summer St., the only bid submitted.
68%
Discount from 2019 purchase price
Rockpoint paid $806 million for the tower in late 2019.
72%
Occupancy at time of auction
The 1.1 million-square-foot tower was 72% leased.
$470 million
Wells Fargo mortgage
The loan Wells Fargo moved to foreclose on; the sale price is about 55% of it.

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People Involved

MS
Marianne Sullivan
Auctioneer, Sullivan & Sullivan Auctioneers
Conducted the Oct. 27, 2026 foreclosure auction at 100 Summer St.

Organizations Involved

Rockpoint Group
Rockpoint Group
Real Estate Private Equity Firm
Previous owner and buyer of 100 Summer St.; sole bidder at the foreclosure auction

Boston-based private equity firm that repurchased 100 Summer St. for $260 million after losing it in foreclosure.
Wells Fargo
Wells Fargo
Bank
Mortgage lender that moved to foreclose on 100 Summer St.

Provided $470 million in financing for the 2019 purchase and initiated foreclosure after the loan defaulted.
Sullivan & Sullivan Auctioneers
Sullivan & Sullivan Auctioneers
Auction House
Conducted the 100 Summer St. foreclosure auction

Ran the Oct. 27, 2026 public auction for 100 Summer St., selling to the sole bidder in about 40 seconds.

Timeline

December 2019 October 2026

5 events Latest: Yesterday
Tap a bar to jump to that date

  1. Rockpoint buys back 100 Summer St. for $260 million

    Latest Foreclosure

    Rockpoint was the sole bidder at the auction, paying 68% less than its 2019 price.

  2. Lender buys South Boston block for $75 million

    Foreclosure

    A lender acquired a 7-acre Dorchester Avenue block after foreclosure.

  3. DivcoWest buys One Lincoln tower for $400 million

    Foreclosure

    The lender foreclosed on Fortis Property Group and acquired the 32-story tower.

  4. SimpliSafe leases 150,000 square feet

    Leasing

    The home security firm signed a large lease at 100 Summer St.

  5. Rockpoint pays $806 million for 100 Summer St.

    Acquisition

    Rockpoint bought the 32-story tower using $470 million in Wells Fargo financing.

Scenarios

1

Rockpoint stabilizes 100 Summer St., boosts occupancy to 85%

Likely Resolves by End of 2028

Discussed by: Boston commercial real estate brokers; Banker & Tradesman

Rockpoint now owns the tower free of the $470 million mortgage and has said it will issue a statement on the building's future. If the firm renovates and signs tenants in a stabilizing market, 100 Summer St. could recover much of its lost value. The firm's recent capital deployment into industrial assets shows it is willing to invest in repositioning.

2

100 Summer St. occupancy slides below 60%

Possible Resolves by End of 2027

Discussed by: Market analysts tracking Boston office demand

Older office buildings continue losing tenants to newer space and conversions. If leasing momentum does not improve, the tower's value erodes further. Rockpoint could face a fresh writedown or another foreclosure if it cannot stabilize the asset.

3

More Boston office towers hit foreclosure at deep discounts

Likely Resolves by Q2 2027

Discussed by: Banker & Tradesman; commercial real estate industry observers

The 100 Summer St. sale is the third distressed Boston office transaction since early 2025. If the pattern holds, other aging downtown towers with high vacancy will face foreclosure or lender buybacks at prices 50% or more below their last sale values.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2025

One Lincoln tower foreclosure buyback (2025)

Lender DivcoWest acquired the 32-story One Lincoln tower in Boston for $400 million after foreclosing on the Fortis Property Group-owned building. The sale showed lenders taking back distressed downtown office assets.

Then

DivcoWest took ownership of a major tower at a price reflecting the office market's decline.

Now

Set a precedent for lender buybacks that Rockpoint followed at 100 Summer St.

Why this matters now

A direct precedent: a lender foreclosing and buying back a Boston tower at a discount.

March 2026

South Boston Dorchester Avenue block buyback (2026)

A lender acquired a 7-acre block off Dorchester Avenue in South Boston for $75 million at a foreclosure sale, then selected The HYM Investment Group to handle permitting for a large development. The lender held the asset rather than reselling at a loss.

Then

The lender assumed control of a prime development site.

Now

Reinforced the pattern of lenders taking back distressed Boston real estate.

Why this matters now

Another example of lenders accepting ownership of distressed assets rather than writing them down further.

Sources

(3)
+1
Banker & Tradesman Rockpoint Rockpoint