Office · Seattle, Washington
1201 Third Avenue
Public CMBS trusts hold $170.0M of the loan on 1201 Third Avenue at 5.585% that reaches maturity on March 9, 2028, in 16 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $170,000,000
- Original balance (same notes)
- $170,000,000
- Interest rate
- 5.585% fixed
- Originated
- February 10, 2023
- Maturity
- March 9, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ended
- April 8, 2025
- Prepayment premium ends
- September 8, 2027 (yield maintenance)
- Master servicer
- Wells Fargo Bank
- Originator
- JPMorgan Chase Bank, National Association
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 1201 Third Avenue, Seattle, WA 98101
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 1,140,367 sq ft
- Built
- 1988
- Largest tenants
- 1201 3rd Ave Tenant LLC (VVeWork); Accolade, Inc.; Hargis Engineers, Inc.
- Value at securitization
- $556.5M (Dec 2022)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.12x | 1.28x |
| Occupancy | 81% | 48% |
| Net operating income (annualized from 3 months) | $30.1M | $12.3M |
| Debt yield | 7.2% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the Benchmark 2023-V2 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- Occupancy has fallen from 81% when the loan was securitized to 48%.
- Net operating income is 59% below the underwritten figure ($12.3M a year against $30.1M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 3.12x at securitization to 1.28x on the latest statements.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $170.0M | Current | No | 1.28x | 48% |
| August 2026 | $170.0M | Current | No | 1.28x | 48% |
| July 2026 | $170.0M | Current | No | 1.28x | 48% |
| June 2026 | $170.0M | Current | No | 1.28x | 48% |
| May 2026 | $170.0M | Current | No | 2.35x | 48% |
| April 2026 | $170.0M | Current | No | 2.35x | 48% |
| March 2026 | $170.0M | Current | No | 2.35x | 48% |
| February 2026 | $170.0M | Current | No | 2.37x | 48% |
| January 2026 | $170.0M | Current | No | 2.37x | 75% |
| December 2025 | $170.0M | Current | No | 2.99x | 75% |
| November 2025 | $170.0M | Current | No | 2.99x | 75% |
| October 2025 | $170.0M | Current | No | 2.99x | 75% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
The loan is split into 6 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| Benchmark 2023-B38 Mortgage Trust | 2 | $60,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| BANK 2023-BNK46 | 6 | $42,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR1 | 15 | $30,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR4 | 16 | $20,000,000 | Sep 2026 | SEC filing, September 29, 2026 |
| BANK5 2023-5YR2 | 17 | $10,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2023-V2 Mortgage Trust | 26 | $8,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Willow Creek Corporate Center | Redmond, WA | Office | $88.7M | 4.659% | Aug 2028 | 2.80x | 100% | Current |
| Georgetown Squared & Seattle Design Center | Seattle, WA | Mixed use | $84.0M | 5.06% | Sep 2028 | 1.24x | 78% | Current |
| Hyatt at Olive 8 | Seattle, WA | Hotel | $78.0M | 4.84% | Apr 2028 | n/a | n/a | Current |
| Google Kirkland Campus Phase I | Kirkland, WA | Office | $65.0M | 4.85% | Dec 2028 | n/a | n/a | Current |
| Time Square Office Renton | Renton, WA | Office | $53.5M | 5.002% | Oct 2028 | 0.39x | 46% | With the special servicer and 90+ days delinquent |
| 2020 Fifth Avenue | Seattle, WA | Other | $48.0M | 4.262% | Sep 2028 | 3.34x | 100% | Current |
| The Landmark | Renton, WA | Office | $42.0M | 9.03% | Oct 2028 | 1.62x | 100% | Current |
| 3rd & Pine Seattle Retail & Parking | Seattle, WA | Mixed use | $35.2M | 4.54% | Mar 2028 | 0.62x | 100% | With the special servicer and 90+ days delinquent |
All loans maturing in 2028 · All Seattle-Tacoma-Bellevue loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.