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The region’s biggest office landlord, which already defaulted on its loan on the Columbia Center, is playing a high-stakes game of chicken over another mammoth loan it took out three years ago to buy nine more office towers or complexes in Seattle and Bellevue.
Boston-based Beacon Capital Partners borrowed $2.7 billion to buy the Seattle-area properties and 11 others in the Washington, D.C., area in 2007, at the height of the real-estate boom. The package included the 47-story Wells Fargo Center in downtown Seattle and the 27-story City Center Bellevue in downtown Bellevue.
And Beacon says it isn’t willing to pump any more of its own money into leasing, improving or paying debt on the buildings without a “meaningful loan modification,” according to the rating agency.
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