Jaime Lee's Jamison Properties defaulted on a $84.8 million loan related to their Equitable Plaza office building, indicating significant challenges within the company's portfolio.
Occupancy at the 688,000-square-foot Equitable Plaza has dropped from 67% in 2021 to just 57% as the impacts of the COVID-19 pandemic continue to reverberate.
The loan on Equitable Plaza was sent to special servicing in April due to imminent default, highlighting the urgent financial pressures facing Jamison Properties.
With major tenants nearing lease expirations, the future of the 55-year-old building appears uncertain, intensifying Jamison Properties' struggle amid rising vacancy rates.
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