(Updated 4:40 p.m.) The large office building in Carlyle containing the Motley Fool headquarters is heading to a foreclosure auction.
The 164,407-square-foot office building has a stately appearance at the northern entrance to the Carlyle neighborhood — with the iconic lion statues out front and a distinctive circular turret design — but the building has been the victim of market upheaval since the pandemic devastated office real estate.
In 2023, building tenant Motley Fool significantly downsized its space in the building.
The Washington Business Journal reported that the building’s owner, The Shidler Group, defaulted on its mortgage of the building.
A news release said the building will be sold at a foreclosure auction on Thursday, May 16, with RealMarkets handling the sale.
“The successful bidder will own the five-story building on approximately 1.6 acres subject to a ground lease,” the release said. “The building is approximately 44 percent occupied by two full floor tenants. It features five floors, a marble lobby, entry security and 296 private underground parking spaces. The fourth and fifth floors, as well as some smaller spaces on the ground floor, are available.”
According to the release, it will sell to the highest bidder over a $500,000 minimum bid. The building sold for $57.75 million back in February 2019.
Image via Google Maps