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Wells Fargo forecloses on Boston's 100 Summer St. office tower

Wells Fargo forecloses on Boston's 100 Summer St. office tower

Money Moves Boston, MA local

Rockpoint buys back the tower for $260 million at foreclosure auction, about a third of its 2019 price

October 27th, 2026: Rockpoint wins foreclosure auction as sole bidder

Overview

Updated Oct 30

Rockpoint Group bought back 100 Summer St. at a foreclosure auction on Oct. 27, paying $260 million as the sole bidder. The 32-story Financial District tower had sold for $806 million in October 2019, five months before COVID-19 hit.

That price is about a third of what Rockpoint paid and well below the $470 million Wells Fargo loan. Wells Fargo foreclosed in September, and the building was roughly 72% leased. The buyer has 35 days to close, which puts the deadline near Dec. 1.

Why it matters

If a 72%-leased tower a block from South Station can't cover its loan, other Boston office landlords face the same math.

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Key Indicators

$260M
Winning bid
Rockpoint's offer was the only bid at the Oct. 27 auction.
$470M
Wells Fargo mortgage (2019)
Loan on the tower when Rockpoint bought it in October 2019. The $260M bid came in below it.
72%
Occupancy
Share of the building leased, per the auction notice.
1.1M
Square feet
Size given by the auctioneer and the building's website. Banker & Tradesman reported 1.3 million.
$425M
Latest assessment
Assessed value reported in September 2026, about half the 2019 purchase price.
$806M
2019 purchase price
What Rockpoint paid for the tower just before COVID-19.

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People Involved

KG
Keith Gelb
Co-founder of Rockpoint Group
Rockpoint, which he co-founded, bought back 100 Summer St. at the Oct. 27 foreclosure auction for $260 million.
MS
Marianne Sullivan
President of Sullivan & Sullivan Auctioneers
Ran the Oct. 27 auction of 100 Summer St., where Rockpoint was the sole bidder at a $260 million opening bid.

Organizations Involved

Rockpoint Group
Rockpoint Group
Private equity real estate firm
Bought back 100 Summer St. at the Oct. 27 foreclosure auction as sole bidder, with a $260 million offer.

Boston real estate investment firm that bought 100 Summer St. in 2019.
Wells Fargo
Wells Fargo
Bank
Foreclosed on 100 Summer St.; the Oct. 27 auction ended with Rockpoint as sole bidder at $260 million, so the bank did not take the tower at the sale.

Provided the $470 million mortgage and scheduled the foreclosure auction.
Blackstone / EQ Office
Blackstone / EQ Office
Real estate investment firm
Previous owner of 100 Summer St.

Sold the tower to Rockpoint in 2019.
Sullivan & Sullivan Auctioneers
Sullivan & Sullivan Auctioneers
Auction House
Ran the Oct. 27 auction of 100 Summer St.; Rockpoint was the sole bidder at the $260 million opening bid.

Massachusetts auction firm running the rescheduled Oct. 27 sale.
Massachusetts Trial Court
Massachusetts Trial Court
Government agency
New tenant at 100 Summer St.

Leased 79,000 square feet on three floors.

Timeline

1980 October 2026

8 events Latest: October 27th, 2026 · 2 weeks ago
Tap a bar to jump to that date

  1. Rockpoint wins foreclosure auction as sole bidder

    Latest Auction

    Rockpoint Group's $260 million offer was the only bid for 100 Summer St., which had opened at $260 million. Rockpoint, the previous owner, did not respond to requests for comment at the auction.

  2. Foreclosure auction set for 100 Summer St.

    Auction

    The sale was scheduled for 2 p.m. at the property before Sullivan & Sullivan moved it to Oct. 27.

  3. Auction postponed to Oct. 27 with easier bidder terms

    Legal

    Sullivan & Sullivan moved the sale to 3 p.m. Oct. 27 and pushed the $10 million deposit deadline to noon that day. The closing window grew from 30 to 35 days. The auction house gave no reason.

  4. Wells Fargo schedules foreclosure auction

    Legal

    The bank scheduled an Oct. 20 auction for the 32-story tower, which Banker & Tradesman called the largest Boston office foreclosure in over a decade.

  5. One Lincoln St. foreclosed

    Foreclosure

    The 1.1 million-square-foot Financial District tower went through foreclosure, the previous largest in Boston.

  6. COVID-19 declared a pandemic

    Market shift

    The pandemic triggered remote work and a sharp drop in office demand nationwide.

  7. Rockpoint buys tower for $806M

    Acquisition

    Rockpoint acquired 100 Summer St. from Blackstone and EQ Office, financing the deal with a $470 million Wells Fargo mortgage.

  8. 100 Summer St. developed

    Development

    The 32-story tower was built in Boston's Financial District by Cabot, Cabot & Forbes.

Scenarios

1

Auction Draws a Buyer, Tower Changes Hands

Deadline passed (Oct 20, 2026)

Discussed by: Banker & Tradesman's coverage highlights the building's 72% occupancy and stable cash flow as selling points

A third-party buyer wins the Oct. 20 auction, paying a price below the $470 million mortgage. The buyer gets a 72%-leased tower with recent tenants including the Massachusetts Trial Court. Wells Fargo recovers part of its loan.

2

Wells Fargo Takes Back the Tower

Deadline passed (Oct 20, 2026)

Discussed by: Lenders frequently end up as the buyer in office foreclosure auctions when third-party bids fall short

No third-party bidder meets the bank's threshold, so Wells Fargo credit-bids and takes ownership. The bank becomes the landlord of a 72%-leased tower and may sell it later at a lower price.

3

Last-Minute Deal Avoids Foreclosure

Deadline passed (Oct 20, 2026)

Discussed by: Borrowers in distress often reach last-minute deals to avoid foreclosure

Rockpoint reaches a deal with Wells Fargo before Oct. 20 — a loan modification, a deed-in-lieu of foreclosure, or a sale to a third party that pays off the debt. The auction is canceled or postponed.

4

Rockpoint closes the $260 million purchase by early December

Likely Resolves by Dec 1, 2026

Discussed by: Bisnow and Boston Business Journal coverage of the auction terms

The winner has 35 calendar days to close after the Oct. 27 sale. If closing happens on time, Rockpoint keeps the tower and Wells Fargo recovers $260 million against a $470 million loan.

Historical Context

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

2025

One Lincoln Street foreclosure (2025)

One Lincoln St., a 1.1 million-square-foot Boston Financial District office tower, went through foreclosure in 2025. It was the largest Boston office foreclosure at the time.

Then

The property changed hands through foreclosure, marking the first major Boston office tower to go through the process in the current cycle.

Now

Set the precedent for 100 Summer St. and signaled the office market's ongoing distress.

Why this matters now

Direct predecessor — the same market, the same type of asset, now eclipsed by 100 Summer St.

2024

PwC Tower at 300 Madison Ave. (2024)

The 1.2 million-square-foot PwC Tower at 300 Madison Ave. in Manhattan was transferred to its lenders in 2024 after its value fell far below the debt on it. The building had been a prime office asset.

Then

Lenders took control of the building, absorbing a significant loss on the mortgage.

Now

Became a symbol of office tower distress in major U.S. cities.

Why this matters now

Shows the same mechanism — a prime office tower whose debt exceeds its current value — playing out in other cities.

1990-1993

Early 1990s Boston office bust

Boston's office market crashed in the early 1990s after a decade of overbuilding. Vacancy rates topped 20% and many towers went into distress, including properties developed by Cabot, Cabot & Forbes, which built 100 Summer St.

Then

Banks took back dozens of office buildings; the market took years to recover.

Now

Led to a more cautious lending environment and a slow recovery through the late 1990s.

Why this matters now

The last time Boston saw a wave of office foreclosures, and a reminder that office markets can take years to bottom out.

Sources

(8)
+2
Banker & Tradesman Sullivan & Sullivan Auctioneers The Boston Report Real Estate Auction Report RealtyToday Bisnow Bloomberg Boston Business Journal