| Just as WaMu's four-year saga is being put to rest, there are rumblings that Goldman Sachs affiliate Whitehall Street, which borrowed close to $900M for a portfolio of 11 office buildings in downtown Seattle and Bellevue (including 1111 3rd Avenue), is expected to default on the balloon payoff of its IO loan early next month. Small wonder—the portfolio, which also includes Bellevue's Symetra Financial Center, has reportedly lost one-third of its tenants and two-thirds of its value. When Goldman bought the buildings in 2007, WaMu accounted for 15% of their occupancy. |
GHOSTS OF BANKS PAST
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