Large Office Loan in Tysons Corner Sent to Special Servicing
The fourth largest loan in LBUBS 2007-C6 has been shipped to special servicing, according to Trepp. Fifteen months ago, Trepp flagged the $108.9M Greensboro Park office loan to watch after lead tenant Cvent, which occupied 18% of the space, announced it was not renewing its lease that ended August 2014. The most recent reported occupancy is only 64%. The 485k SF Tysons Corner property has been plagued by a low debt-service coverage ration for years, with a 2012 DSCR of .69X, a 2013 DSCR of .84X, and the first nine months of 2014 seeing a DSCR of .75X. The value of the property has also taken a hit since its $169M 2007 appraisal, falling to $95M in 2010. As of January the loan, which matures this June, is current.