The special servicer for the 325,000 square foot office building in Lanham, MD formerly occupied by Computer Science Corp (CSC) says that the value of the asset has fallen by more than 75 percent, according to Trepp.
A $68.8 million loan on the building, which matures in 2018, became delinquent for the first time in February. May servicer data released last Friday says the note was assessed an appraisal reduction of $48.3 million, according to Trepp.
“Counsel retained, PNA signed, inspection showed property to be in good condition,” servicer watchlist notes say. “Borrower and Special Servicer have agreed to a deed-in-lieu of foreclosure and we are in process of finalizing.”
Computer Science Corp (CSC) vacated the property when its lease expired in December 2013. CSC was the sole tenant in the namesake building.
SEE: Loan on CSC Building in Lanham Becomes Delinquent (Feb. 2014)
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.