By Elias DaSilva | September 11, 2024.<\/p>\n
The 24-story office tower at 600 B Street in downtown San Diego, owned by Rockwood Capital, is heading towards foreclosure as the property has an outstanding debt of over $83 million. This situation reflects a national crisis for downtown office spaces, exacerbated by ongoing closures during the pandemic and the rise of work-from-home or hybrid work models.<\/span><\/p>\n In June of this year, First American Title Insurance Company initiated the foreclosure process, which could lead to an auction or the property reverting to its lender, Western Alliance Bank.<\/span><\/p>\n Rockwood Capital has been delinquent on loan payments for over a year, and now has only 90 days to meet its obligations before a sale notice is published.<\/span><\/p>\n The 359,278-square-foot tower, built in 1974 and renovated in 2007, was purchased by Rockwood Capital in 2017 for $109.5 million. Payment default began on May 5, 2023. The building, which was once nearly 90% leased, now has 225,000 square feet available for lease, reflecting leasing issues.<\/span><\/p>\n The foreclosure process, which lasts more than 120 days, could end with the property in the hands of the lender if the auction does not succeed.<\/span><\/p>\n The leasing problem of the office tower owned by Rockwood Capital is just a small part of the issue facing the entire B Street in San Diego, as nearly 38% of office space in the area is available for lease. According to some experts, despite this, the suburban office markets in San Diego remain relatively healthy.<\/span><\/p>\n The foreclosure of 600 B Street may serve as a critical case study on the long-term impacts of changes in work models on urban office markets.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" By Elias DaSilva | September 11, 2024. The 24-story office tower at 600 B Street in downtown San Diego, owned by Rockwood Capital, is heading towards foreclosure as the property has an outstanding debt of over $83 million. This situation reflects a national crisis for downtown office spaces, exacerbated by ongoing closures during the pandemic […]<\/p>\n","protected":false},"author":5,"featured_media":5341,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[207,1,165],"tags":[],"_links":{"self":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/5340"}],"collection":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/comments?post=5340"}],"version-history":[{"count":2,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/5340\/revisions"}],"predecessor-version":[{"id":5343,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/posts\/5340\/revisions\/5343"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media\/5341"}],"wp:attachment":[{"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/media?parent=5340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/categories?post=5340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.foreclosurelistings.com\/news\/wp-json\/wp\/v2\/tags?post=5340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}