Fifty West Corporate Center Sees $28.4M Appraisal Reduction
Fifty West Corporate Center, a 200,000 square foot office building in Fairfax, VA, has been assigned a $28.4 million appraisal reduction by its special servicer, according to Trepp.
A $56 million loan on the building, which was not due until 2017, is now 60 days delinquent.
Developed on an 8.62 acre site in 1990, Fifty West Corporate Center was appraised for $69.5 million in 2007. Since then, its two largest tenants, Allion Science and MindSHIFT Technology, vacated their space, bringing occupancy in the building down to 62 percent and dropping revenue at the property by 24 percent.
The property was reappraised for $31.2 million this summer and the special servicer assigned the $28.4 million appraisal reduction this month.
Special servicer notes also say that an inspection of the property completed in July showed that the asset is in good condition, but the systems in the building are all original and the building will need near term capital improvements. A workout strategy will follow a valuation analysis currently being conducted.
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