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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

Sole bidder pays $260 million for 100 Summer St., 68% below its 2019 price, and plans upgrades

October 30th, 2026: Rockpoint says the default followed a market decline in value

Overview

Updated Oct 30

Rockpoint Group bought back 100 Summer St. at a foreclosure auction on Oct. 27, 2026, paying $260 million for the 32-story tower it had bought for $806 million in 2019. The auction lasted about 40 seconds and drew one bid: Rockpoint's, at the $260 million opening set by lender Wells Fargo.

Rockpoint executives say the default followed a market-driven fall in the tower's value below its $470 million mortgage, not the building's performance. The firm plans upgrades, including a possible roof deck. At $236 a square foot, the price is 39% below the city's $425.4 million assessed value.

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 October 2019.
72%
Occupancy at time of auction
The 1.1 million-square-foot tower was 72% leased, with 28% vacant.
$470 million
Wells Fargo mortgage
The loan Wells Fargo moved to foreclose on; the sale price is about 55% of it.
$236
Price per square foot
The $260 million price divided across the tower's 1.1 million square feet.
$425.4 million
Current assessed value
The city's assessment; the auction price came in 39% below 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.
FB
Fred Borges
Senior Managing Director, Rockpoint Group
Publicly explained why Rockpoint defaulted on the 100 Summer St. mortgage and then bought the tower back

Organizations Involved

Rockpoint Group
Rockpoint Group
Private equity real estate firm
Repurchased 100 Summer St. for $260 million and is weighing upgrades at the tower

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

October 2019 October 2026

7 events Latest: October 30th, 2026 · 1 week ago
Tap a bar to jump to that date

  1. Rockpoint says the default followed a market decline in value

    Latest Statement

    Senior managing director Fred Borges said the default was tied to the tower's value falling below the mortgage, not the asset's performance. Rockpoint said buying back defaulted properties at discounts is not a firm strategy and that it plans upgrades.

  2. Boston office sales reach $2.2 billion in the third quarter

    Market

    Avison Young data reported by Bisnow showed a 23.7% year-over-year increase, with discounted towers trading to buyers betting on Boston's long-term demand.

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

    Foreclosure

    Rockpoint was the sole bidder, paying the $260 million opening bid in a proceeding that lasted about 40 seconds. The price was 68% below what it paid in 2019.

  4. Lender buys South Boston block for $75 million

    Foreclosure

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

  5. DivcoWest buys One Lincoln tower for $400 million

    Foreclosure

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

  6. SimpliSafe leases 150,000 square feet

    Leasing

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

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

    Acquisition

    Rockpoint bought the 32-story tower in October 2019 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 latest in a run of discounted Boston office trades. 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.

4

CMBS maturity wave pushes more Boston offices onto the market

Likely Resolves by End of 2027

Discussed by: Trepp data cited by Bisnow; Ian Brandon of Cambridge Savings Bank

About $78 billion of commercial mortgage-backed securities loans reach hard maturity between October 2026 and the end of 2027, with $7.7 billion of office loans maturing next year. Borrowers with no extension options left would have to sell or hand back buildings, adding to the discounted supply in Boston and elsewhere.

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

(7)
+1
Banker & Tradesman Rockpoint The Boston Globe Bisnow Real Estate Auction Report Boston Business Journal Rockpoint