When Lincoln Property Company bought 1500 Quail Street in 2018, the company lauded the office building as a trophy asset, with very stable cash flow. Circumstances changed as they defaulted on a $23.3 million loan tied to the 90,000-square-foot building last month.
Remote work has led to companies shrinking their office space demand, affecting both tenants and investors. Lenders are also becoming more reluctant to provide loans on office properties due to these market shifts.
#lincoln-property-company #office-building-market #loan-default #changing-market-conditions #orange-county
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