# A Boston tower lost $546 million in value, and its old owner just bought it back > Rockpoint Group paid $806 million for 100 Summer Street in 2019. After Wells Fargo foreclosed, Rockpoint was the sole bidder at auction and won the tower back for $260 million, a 68 percent discount. - Source: Pacific Post - Canonical URL: https://pacificpost.co.uk/article/boston-100-summer-street-foreclosure-auction - Author: Pacific Post Staff - Section: Economy - Published: 2026-10-28T19:20:00.000Z - Updated: 2026-10-28T19:20:00.000Z - Tags: real estate, Boston, commercial property, foreclosure --- A 32-story office tower in downtown Boston sold at a foreclosure auction for roughly a third of what its owner paid for it seven years ago, in a sale that underscores how far the city's older office stock has fallen since the pandemic reshaped demand for commercial space. Rockpoint Group bought 100 Summer Street, a 1.1 million square foot tower near South Station, for $806 million in 2019, financed in part by a $470 million mortgage from Wells Fargo. That purchase closed just months before Covid-19 upended office demand nationwide. Wells Fargo moved to foreclose on the property this year, and at an auction held October 20, the sole bid came from Rockpoint itself, which won its own building back for $260 million, a discount of roughly 68 percent, or about $546 million, from what it paid in 2019. Even that price looks generous next to the city's own math. Boston's tax assessors currently value 100 Summer Street at $425 million, well above the winning auction bid, a gap that illustrates how far private market pricing for older office towers has drifted from official assessments still catching up to the downturn. The building's own numbers help explain the discount. It is roughly 72 percent leased, leaving more than 330,000 square feet available in a downtown market where office vacancies now run above 20 percent overall. Built in 1980, the tower competes for tenants against both newer buildings and other 1980s-era properties that have drawn fresh leasing interest after major renovations. The auction's own marketing materials framed the vacancy as an opportunity instead of a liability, touting the building's significant long-term investment potential to whoever ended up owning it next. That investor turned out to be the same firm that lost the building in the first place. Rockpoint's winning bid keeps the tower under its control, but at a basis low enough to make the economics of a turnaround look very different than they did when the firm paid full price for the property in 2019. --- Originally published by Pacific Post. Free to cite with attribution and a link to https://pacificpost.co.uk/article/boston-100-summer-street-foreclosure-auction.