The $69.1 million loan on Computer Science Corp’s (CSC) 325,000 square-foot former office building in Lanham, MD has become 30 days delinquent for the first time this month, according to Trepp, which cites servicer data. The loan matures in early 2018.
Servicer watchlist notes say the tenant has departed and the servicer is working with the borrower to “determine the next steps in ongoing operations and loan viability.”
CSC did sign a short-term lease extension in the building, paying $30.62 per square foot after its lease was slated to end in 2012, but the lease extension appears to have ended on December 31.
In November, washingtonpost.com reported that the 12-story building, which overlooks the Capital Beltway and features CSC’s red logo on top, housed only 450 employees, a sharp decline from the 1,150 employees who worked there at one time. A bizjournals.com piece from last May said the company had to pull-back as a result of the budget sequester.
The washingtonpost.com story in November said a partnership between Carl Williams and fund manager Urban America owned the Prince George’s County asset, the county’s third largest by square feet. The building delivered in 2002.