The trustee for a commercial mortgage backed security trust filed a court order to terminate receivership for a Boca Raton office building, following the lender’s winning bid in a foreclosure auction.
HSBC Bank, the CMBS trustee, wants to take possession of the vacant office building at 5600 Broken Sound Boulevard, according to documents filed in Palm Beach County Circuit Court.
The trustee received the title in October, after paying $1.7 million at auction for the property, and filed earlier this month to terminate receivership.
The previous owner of the building, a company that shares an address with Lexington Realty Trust, defaulted on a loan for about $20 million, according to court documents. New York-based Lexington is led by T. Wilson Eglin.
The company bought the property in 2001 for $6 million, according to records.
The one-story office building of about 50,000 square feet was built in 1981, records show. HSBC first filed for foreclosure in February.
The default came due to the expiration of long-term tenant Canon Solutions America’s lease, according to a May press release by the court-ordered receiver, Neil Merin of NAI/Merin Hunter Codman.
HES Group, the developer of the planned Triptych project that straddles the border between Midtown Miami and the Miami Design District, listed the site for sale as it faces foreclosure from its lender.
In September, Leste Group and its partner, Moto Capital Group, foreclosed on the newly renovated Lord Balfour Hotel on Ocean Drive.