$70.3M Loan on 270 Corporate Center in Germantown Sent to Special Servicer
20201 Century Blvd in Germantown
The 270 Corporate Center office building campus in Germantown, MD has been transferred to special servicer due to imminent default, according to Fitch, which reports the asset has a loan balance of $70.3 million.
270 Corporate Center is a four-building office complex at 20201, 20250, 20251, 20300 Century Boulevard in Germantown totaling 443,553 square feet. Occupancy at the building on December 1, 2012 was 89% percent.
Occupancy is now at 58 percent.
DRT/Boeing, which occupied 133,620 square feet, vacated at its lease expiration date of 12/31/2012, according to special servicer notes. DRT/Boeing occupied the entire 20250 Century Blvd building totaling 106,794 square feet, as well as an additional 26,826 square feet in the 20300 Century Blvd building. The departure is a loss of $3,292,824 in annual base rent to the landlord.
According to Trepp, the complex was appraised for $93.5 million in 2005. The loan matures in July 2015, and the note is currently on servicer watchlist.
"The Borrower states this market has been deteriorating and has a vacancy rate approaching 20%," the special servicer reported.