Boston Office Tower Sold at 68% Discount in Foreclosure Auction

By the Editorial Team · Monday, November 2, 2026

Rockpoint repurchased the 32-story office tower at 100 Summer Street in Boston last month for about $260 million after it was foreclosed due to loan default. This acquisition, at a steep discount amid high vacancy rates and a weakened office market, allows Rockpoint to potentially revitalize the property through rent reductions and capital improvements.

Rockpoint, a Boston-based real estate investment firm, repurchased a major office tower at 100 Summer Street in a foreclosure auction last month for approximately $260 million, representing a 68 percent discount from the $806 million it originally paid for the property seven years ago. The 32-storey building, located near South Station, was acquired through a sole bid transaction amid a tough market environment for office real estate, particularly in downtown Boston.

The sale reflects ongoing challenges in the office real estate sector following the COVID-19 pandemic, which triggered widespread declines in building values. The property had been under financial strain for several years, with Wells Fargo & Co foreclosing on the asset after Rockpoint defaulted on its loan in 2023. Wells Fargo held a $470 million loan on the building, more than the auction’s final price. The sale is notable for being one of the largest Boston office towers to go through foreclosure since the pandemic.

Vacancy rates at 100 Summer Street are a major factor behind the discount. The building currently has a 28 percent vacancy rate, significantly higher than the 18.5 percent vacancy rate for downtown Boston office space overall. Tenants at the tower include SimpliSafe, Veeva Systems, and Bloomberg LP. Office market conditions in Boston show some signs of leveling off, with vacancy rates stabilizing last year after years of increase; however, average asking rents have declined for four consecutive quarters, currently at about $66.12 per square foot.

Industry observers characterized the transaction as unusual, noting that it is rare for a previous owner to regain control of a foreclosed building through auction. Analysts pointed out that Rockpoint’s decision to repurchase the building at a lower price could position the firm to reduce rents and invest in upgrades aimed at attracting new tenants. Senior managing director Fred Borges said Rockpoint plans to explore making capital improvements to the property, financing the acquisition through a combination of equity and debt, though the lender has not been disclosed.

The auction itself drew interest from more than 60 brokers and investors, highlighting market attention on Boston’s office sector distress. It took place on the footpath at the building’s entrance, with a Rockpoint executive signing paperwork on a portable table. Recent foreclosure auctions in Boston have often resulted in lenders taking ownership of office properties by bidding with the debt owed, according to real estate sources. Examples include lenders connected to billionaire Michael Dell acquiring a former State Street headquarters building and another in the Back Bay neighborhood.

The decline in office building values has affected Boston’s tax revenues as well. The city assessed the 100 Summer Street property at $425 million for the fiscal year ending June 30, significantly below the original purchase price and reflecting the ongoing downturn in the commercial real estate market.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.