The 207,055 square-foot office building at 6116 Executive Boulevard in Rockville, MD, also known as Rockville Executive Office Center I, has seen its appraised value slashed by two-thirds, according to Trepp.
An $81.5 million valuation helped the property owner secure a $54.3 million loan on the asset in September 2005, according to Trepp. But April notes on the property from the special servicer say it now has an appraised value of $27.3 million.
The loan is paid through March 2014 and is due to mature in September of 2015.
Lease expirations for the GSA and the National Cancer Institute last November left the building 90 percent vacant, and recent reports suggest at least two more tenants will vacate the building in the near future.
The asset, owned by American Realty Capital Properties, was sent for special servicing two months ago.