Three downtown towers have been taken off the auction block, at least for now.
The foreclosure auction of the three-building James Center office complex, originally scheduled for today at noon, has been canceled, according to the trustee.
It is unclear if the auction has been or will be rescheduled. William Casterline of the law firm Blankingship & Keith, a trustee for the foreclosure, said he could not provide additional information. Jeremy Root and Michael Howes, of the same firm, were also listed as trustees for the auction.
The James Center consists of three towers at 901, 1021 and 1051 E. Cary St. and comprises 986,000-square-foot of office space and 50,000-square-feet of retail.
New York-based JEMB Realty has owned the James Center since 2005. According to the company’s website, about 360,000 square feet is vacant between the three buildings. That accounts for more than a third of the total space.
JEMB defaulted on two loans totaling $150 million in January, according to a report by the real estate tracking firm, Trepp.
CWCapital LLC was the original lender in 2005 on the two notes, one work $100 million and the other $50 million. They have since passed to GMACC 2006-C1 East Cary Street, LLC.
Foreclosure has been a possibility for the James Center for several years. A special servicer took over the loans shortly after One James Center’s largest tenant, McGuireWoods, left for downtown’s newest tower, Gateway Plaza, in 2013.