In the latest sign of Los Angeles County’s office market’s slow post-pandemic recovery amid high vacancy and distress, a loan tied to a Blackstone property in Burbank has been transferred to special servicing. An $87 million commercial mortgage-backed securities loan linked to Blackstone and Worthe Real Estate’s building at 3300 West Olive Avenue is now in the hands of a special servicer as default appears imminent, Commercial Observer reported, citing a report from Morningstar. The Wells Fargo-originated debt is slated to mature in June. Blackstone acquired its stake in the 225,000-square-foot structure, known as Pinnacle II, in 2017 as part […]
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