Columbia Property Trust, a large office landlord controlled by PIMCO, has defaulted on $1.7 billion in loans tied to seven buildings across the country, marking one of largest office defaults since the start of the pandemic, The Real Deal reported. The firm is now working with its lenders — a group that includes Goldman Sachs, Citigroup and Deutsche Bank — to restructure its portfolio, according to Bloomberg. The loans were all floating rate, meaning Columbia Property Trust started to feel pain after interest rates soared last year. The loans are tied to three office buildings in New York, two in San Francisco, one in Boston and one in Jersey City — a portfolio that was most recently appraised at $2.27 billion in 2021. The New York properties are 245 West 17th Street, 315 Park Avenue South and the office portion of 229 West 43rd Street.
