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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

Largest Boston office foreclosure in over a decade hits a Financial District tower bought for $806 million just before COVID

Today: Wells Fargo schedules foreclosure auction

Overview

Updated 1 hour ago

Wells Fargo has scheduled a foreclosure auction for Boston's 100 Summer St. office tower, a 32-story Financial District building that sold for $806 million just weeks before COVID-19 shut down the economy. The Oct. 20 auction is the largest office foreclosure in Boston in over a decade.

The building is 72% leased, and its owner, Dallas-based Rockpoint Group, took out a $470 million mortgage from Wells Fargo in October 2019. The foreclosure shows how the office market's post-pandemic repricing keeps hitting even well-located towers with steady tenants.

Why it matters

If Boston's best-located towers can't cover their debt, the office market's repricing is far from over — more foreclosures and lower values are coming.

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Key Indicators

$470M
Wells Fargo mortgage (2019)
Mortgage on the tower when Rockpoint bought it in October 2019.
72%
Current occupancy
The building is 72% leased, according to the auction notice.
1.3M
Square feet
Total space in the 32-story tower.
$806M
2019 purchase price
What Rockpoint paid for the tower just before COVID-19.
Oct 20
Auction date
Foreclosure auction scheduled at the property, 2 p.m.

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People Involved

Organizations Involved

Timeline

January 1980 October 2026

6 events Latest: Today
Tap a bar to jump to that date
  1. Foreclosure auction set for 100 Summer St.

    Upcoming Auction

    The auction is set for 2 p.m. at the property, a block from South Station.

  2. One Lincoln St. foreclosed

    Foreclosure

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

  3. COVID-19 declared a pandemic

    Market shift

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

  4. 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.

  5. 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

Possible Resolves by 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

Likely Resolves by 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

Unlikely Resolves by 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.

Historical Context

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

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.

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.

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.

Sources

(2)

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