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The Cornerhold Journal
Vol. I · No. 5Nationwide edition · Free
MarketsLatest, Oct 29
10-year Treasury4.98%down 0.07
SOFR3.94%unchanged 0.00
30-year mortgage rate7.24%down 0.08
CMBS delinquency8.02%up 0.17
U.S. office vacancy18.2%down 0.1
Sources: U.S. Treasury, daily par yield curve rates, Oct 29 (10-year Treasury); Federal Reserve Bank of New York, SOFR, Oct 29 (SOFR); Freddie Mac, Primary Mortgage Market Survey, Oct 29 (30-year mortgage rate); Trepp, Sep 30 (CMBS delinquency); CBRE, Q3 2026 U.S. Office Market Report, Sep 30 (U.S. office vacancy)
Office distress
Rockpoint buys back Boston's 100 Summer St. at foreclosure for $260 million, 68% below its 2019 price
A borrower reclaiming its own tower at a two-thirds discount sets a hard new marker for office values and lender recoveries.
Rockpoint Group was the only bidder at Wells Fargo's foreclosure auction of 100 Summer St., a 32-story, 1.1 million square foot tower in downtown Boston, and took it back for $260 million, The Boston Globe reported.
Rockpoint had defaulted on a $470 million loan on the building. It paid $806 million for the tower in 2019, and the auction price is 39% below the city's assessed value of $425.4 million, according to the Globe.
Bisnow reported separately that distressed Boston office buildings are finally trading at big discounts and drawing investors, with third quarter office sales in the city of $2.2 billion, up 23.7% from a year earlier.
Sources: The Boston Globe, Oct 30, 2026; Bisnow, Oct 29, 2026
Lending
Blackstone Mortgage Trust loses $327.6 million in the third quarter as six mostly office loans are impaired
The largest commercial mortgage REIT is still reserving heavily against legacy office debt while it sells loans and shrinks its watch list.
Blackstone Mortgage Trust lost $327.6 million, or $1.95 a share, in the third quarter after newly impairing six loans made before 2023 totaling about $800 million, most of them on office buildings, Commercial Observer reported. The sponsors declined to put in more equity.
The lender said it has sold nearly $1 billion of loans since June, about half of them office, and collected $2.3 billion of repayments, bringing its watch list to the lowest level since 2019.
For ownersOffice borrowers with older loans coming due may want to talk with their lender early about extension terms and any equity it may ask for.
Sources: Commercial Observer, Oct 29, 2026; Blackstone Mortgage Trust, quarterly report (SEC), Oct 29, 2026
Economy
The economy grew at a 3.4% rate in the third quarter, and the 10-year Treasury stayed just under 5%
Strong growth and firm inflation keep benchmark yields near 5%, which weighs on cap rates and refinancing math.
The economy grew at a 3.4% annual rate in the third quarter, above the 3.1% forecast, and the PCE price index rose 3.6% from a year earlier, CNBC reported, citing the government's advance estimate.
The 10-year Treasury eased to about 4.96% and the 30-year to 5.31% on Oct. 29, according to CNBC, while futures showed a better than 77% chance of a quarter-point Fed rate hike in December.
For ownersOwners with floating-rate debt or a refinancing next year may want to revisit their rate assumptions with their lender before the December Fed meeting.
Sources: CNBC, Oct 29, 2026; U.S. Bureau of Economic Analysis, Oct 29, 2026
Brokerage
Newmark's leasing revenue jumps 26.5% while capital markets fees slip as owners hold off on selling
Brokerage results show tenants are signing while owners wait out higher rates.
Newmark's third quarter revenue reached $973.2 million, up 12.7%, with leasing commissions rising 26.5% to $308.6 million on demand from AI, data center and technology tenants, Commercial Observer reported.
Capital markets revenue fell to $288.2 million from $301.3 million a year earlier. Executives said high interest rates and cap rates are keeping owners from selling.
For ownersWhen leasing outpaces sales, a renewal or new lease may do more for a building's value this year than a sale would.
Sources: Commercial Observer, Oct 29, 2026; Newmark, third quarter 2026 results, Oct 29, 2026