The 738,385-sf office and retail condominium serving as collateral for the New York Times Building loan (NYT 2019-NYT) was appraised at $635 million ($860/sf) as of January 2026, in line with KCP’s concluded value and representing a 37% decline from the $1.01 billion ($1,368/sf) appraisal at securitization. The $515 million senior loan transferred to special servicing in November ahead of maturity default in December 2025. KCP has highlighted expected volatility in future performance as the PILOT agreement expires in December 2032, at which point the borrower will be required to pay full, unabated real estate taxes. There is an additional $235 million in debt held outside the trust.

AT&T announced plans to relocate its global headquarters from the 965,800 sf, class A office tower securing the $131.5 million One AT&T loan (BANK 2019-BN16, MSC 2019-L2) to a new corporate campus in Plano, TX, with partial occupancy targeted for late 2028. The subject property resides in the Dallas CBD and is fully leased to AT&T under a NNN lease, guaranteed by AT&T Inc., that expires in December 2031. The property had undergone approximately $18.0 million of capital improvements completed between 2016 and loan origination.

An updated appraisal for Intellicenter (COMM 2015-CR27) pegged its current value at $20.4 million ($100/sf), which is in-line with KCP's concluded value going back 12 months. The collateral is a 203,509-sf suburban office property in Tampa, FL, located within the Tampa Telecom Park along the Interstate 75 corridor. The $29.3 million loan transferred to special servicing in July 2025 due to imminent monetary default and failed to pay off at maturity in October 2025.

Macy’s, Inc. (Macy’s) disclosed plans in January to close 14 stores as part of its ongoing Bold New Chapter initiative, which aims to refine the company’s physical retail footprint and reallocate capital toward higher-performing locations as well as digital channels. KBRA Credit Profile (KCP), a division of KBRA Analytics, identified three properties - $195.1 million by allocated loan amount (ALA)—that collateralize three loans in five commercial mortgage-backed securities (CMBS) deals with exposure to a Macy’s store on the latest closure list.

The Houston, TX office property securing the $31.2 million 1001 McKinney loan (BMARK 2023-V3) is being marketed for sale through JLL. The collateral is a 375,440-sf downtown office building that was 77% occupied as of December 2025, with a weighted average lease term of 6.3 years. Leasing activity totaled 210,786 sf (56% of GLA) between 2022 and 2025, contributing to improved performance. Since 2018, ownership has reportedly invested approximately $16.8 million ($45/sf) in capital improvements and repairs, the bulk of which was directed toward interior upgrades.

The Hong Kong Monetary Authority is selling its sub-50% interest in 101 California Street (CALI 2019-101C, GSMS 2019-GC39, GSMS 2019-GC40, BMARK 2019-B11, BMARK 2019-B10) to DivcoWest at an implied valuation of $975 million ($757/sf). The 1.3 million-sf class A office property in San Francisco, CA, serves as collateral for the $755 million loan maturing in March 2029. GIC of Singapore is expected to remain an equity partner in the asset, with Hines remaining as the operating partner with a minority ownership position. The transaction represents a discount from the appraisal value of $1.46 billion ($1,171/sf) at issuance.

Saks Global Holdings LLC, the parent company of Saks Fifth Avenue, Saks OFF 5TH, Bergdorf Goodman, Neiman Marcus, and Neiman Marcus Last Call, filed for Chapter 11 bankruptcy protection on January 13, 2026. In the U.S., Saks Global operates approximately 170 locations across its four brands. KBRA Credit Profile (KCP) analyzed its commercial mortgage-backed securities (CMBS) coverage universe and identified 54 properties collateralizing 46 loans—$19.1 billion by allocated loan amount (ALA)—across 111 transactions with exposure to at least one Saks Global brand as either a collateral or non-collateral tenant.

The collateral securing the $38.9 million Park Square Portland loan (CD 2016-CD2) sold in December 2025 for $13.8 million ($46/sf) to VERH Park Square, LLC. The property is a 295,768-sf office complex in the Portland, OR CBD and was with the special servicer since May 2024 following the loss of the collateral's largest tenant, Regence BlueCross BlueShield of Utah (63%).

The Embassy Corporate Park loan (CGCMT 2016-GC36) secured by seven office properties totaling 399,214 sf in Fairlawn and Canton, OH, failed to pay off at its January 2026 maturity. However, a payoff is likely to occur in the next few months as the borrower secures financing. Portfolio occupancy was 68% as of September 2025, down from 79% in December 2024.

The $535.6 million Starwood Capital Group Hotel Portfolio loan (DBJPM 2017-C6, multiple conduits) had its workout strategy updated to full payoff, as reflected in the January investor reporting package. The loan transferred to special servicing in February 2025 due to imminent monetary default. A September 2025 modification agreement permitted the expedited sale of underperforming assets and included changes to property release provisions, cash management terms, and other loan terms. At issuance, the loan was secured by 65 hotels totaling 6,366 keys.