A loan secured on Lloyds Chambers in the City of London has gone into default.
The 190,000 sq ft office property is owned by the family trust of the Rocca family, which also owns the assets of Patrick Rocca, the Irish property entrepreneur who killed himself in 2009.
Rocca bought the office building, at 1 Portsoken Street, in 2006 for £104m from Robert and Vincent Tchenguiz’s Consensus Business Group, financed by a £110.3m Credit Suisse senior loan, which was securitised that July, and a £12m junior loan.
The outstanding balance at the last interest payment date (IPD) in April was £80.9m for the senior debt and £8.3m for the junior debt, which matured on 18 October.
A stock exchange announcement said: “The Lloyds Chambers loan was not repaid in accordance with its terms on 18 October 2011.
“As a result, an event of default has occurred under the Lloyds Chambers loan and CB Richard Ellis Loan Servicing as agent for Credit Suisse and Capmark Management in its capacity as special servicer have taken over servicing responsibilities in respect of this loan.”
The building, let to insurer Aon until 2018 with Hermes as a subtenant, was put up for sale in July for £94m, reflecting a yield of 7.4%, but has not sold.
bridget.o’connell@estatesgazette.com
