Silver Spring Office Building Headed To Foreclosure Sale
A 1960s-era office building in the heart of downtown Silver Spring is headed to a foreclosure sale later this month.
The 96K SF office building at 8701 Georgia Ave., known as the Zalco Building, is set to be auctioned off at the Montgomery County Judicial Center on June 17 with Alex Cooper Auctioneers.
Maryland land records show the ownership entity, 8701 Georgia LLC, has an address in Southfield, Michigan, connected to The Seligman Group, a national real estate owner and operator.
The foreclosure advertisement on Alex Cooper Auctioneers’ website says the sale is connected to a refinance deed of trust executed in January 2019.
Maryland property records show that the refinance loan was for $12.9M, made by Citi Real Estate Funding Inc. to 8701 Georgia LLC, with a maturity of January 2029.
The Seligman Group and Citigroup, the parent company of Citi Real Estate Funding, did not respond to requests for comment in time for publication.
The eight-story building, designed by prolific D.C.-area architect Edwin Armstrong Weihe, was Silver Spring's tallest when it opened in 1961, according to the Montgomery County Planning Department. It was originally named the American National Bank Building after its anchor tenant.
The building's current tenants include Metropolitan Occupational Therapy, Gums Dental Care and Potomac Massage Training Institute, according to their websites. Its ground-floor Walgreens, formerly a Rite Aid, shuttered last spring.
The property sits across the street from a 167-unit office-to-residential conversion that sold in a foreclosure sale in February for $14.3M, according to Alex Cooper's website.
Seligman, which has offices in San Francisco and Southfield, according to its website, is also connected to the ownership of one of the Watergate buildings at 2600 Virginia Ave. NW, according to Washington, D.C., deed records.
