Office · Redmond, Washington
Millennium Corporate Park
Public CMBS trusts hold $131.0M of the loan on Millennium Corporate Park at 3.032% that reaches maturity on January 6, 2029, in 2 years and 2 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $131,000,000
- Original balance (same notes)
- $132,000,000
- Interest rate
- 3.032% fixed
- Originated
- December 17, 2020
- Maturity
- January 6, 2026; extended by modification to January 6, 2029
- Payments
- Interest only for the full term
- Prepayment lockout ended
- September 5, 2025
- Master servicer
- Midland Loan Services
- Originator
- Goldman Sachs Bank USA
Status
- Payment status
- Current (code 0)
- Special servicing
- Transferred September 30, 2025, returned March 13, 2026
- Workout strategy
- Resolved
- Modified
- Yes, most recently January 8, 2026
- Defeasance
- None reported
The property
- Address
- 18200-18700 NE Union Hill Road, Redmond, WA 98052
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 537,046 sq ft
- Built
- 1999
- Largest tenants
- Microsoft Corporation; CBRE, Inc
- Value at securitization
- $216.7M (Nov 2020)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 3.26x | 3.62x |
| Occupancy | 100% | 89% |
| Net operating income (annualized from 3 months) | $13.2M | $14.1M |
| Debt yield | 10.8% |
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 2021-B24 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC September 28, 2026.
- Occupancy down 10 points or more from securitization
- Modified
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 100% when the loan was securitized to 89%.
- Net operating income is 7% above the underwritten figure ($14.1M a year against $13.2M; the latest statement covers 3 months, annualized).
- Debt service coverage moved from 3.26x at securitization to 3.62x on the latest statements.
- The most recent valuation in the filing is $126.0M (October 31, 2025), against $216.7M at securitization.
- The filing gives Apr 2028 as the lease end date for the largest tenant (Microsoft Corporation), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $131.0M | Current | No | 3.62x | 89% |
| August 2026 | $131.0M | Current | No | 3.62x | 89% |
| July 2026 | $131.0M | Current | No | 3.62x | 89% |
| June 2026 | $131.0M | Current | No | n/a | n/a |
| May 2026 | $131.0M | Current | No | n/a | n/a |
| April 2026 | $131.0M | Current | No | 3.21x | 89% |
| March 2026 | $131.0M | Current | Yes | 3.21x | 89% |
| February 2026 | $131.0M | Current | Yes | 3.21x | 89% |
| January 2026 | $132.0M | Non performing matured balloon | Yes | 3.21x | 89% |
| December 2025 | $132.0M | Current | Yes | 2.99x | 89% |
| November 2025 | $132.0M | Current | Yes | 2.99x | 89% |
| October 2025 | $132.0M | Current | Yes | 2.99x | 89% |
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.
Special-servicing history
- Transferred to the special servicer September 30, 2025, returned to the master servicer March 13, 2026.
Transfer and return dates as reported in the filings of the past year; an earlier episode shows here only if a filing in that year still reports it.
Where the loan sits
The loan is split into 2 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BENCHMARK 2021-B23 MORTGAGE TRUST | 2 | $104,204,545 | Sep 2026 | SEC filing, September 30, 2026 |
| Benchmark 2021-B24 Mortgage Trust | 16 | $26,795,455 | Sep 2026 | SEC filing, September 28, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2029
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| Newport Corporate Center | Bellevue, WA | Office | $164.0M | 3.543% | May 2029 | 5.70x | 100% | Current |
| Summit 1, 2, 3 | Bellevue, WA | Office | $155.0M | 2.952% | Feb 2029 | n/a | n/a | Current |
| Sunset North | Bellevue, WA | Office | $150.0M | 3.25% | Oct 2029 | 1.96x | 66% | Current |
| 4th & Battery | Seattle, WA | Office | $135.0M | 4.378% | Jun 2029 | n/a | n/a | With the special servicer and 90+ days delinquent |
| 90 North Campus | Bellevue, WA | Office | $80.0M | 3.732% | Dec 2029 | 2.97x | 100% | Current |
| University Village, Seattle | Seattle, WA | Retail | $75.0M | 3.30% | Dec 2029 | 2.52x | 95% | Current |
| The Summit, Bellevue | Bellevue, WA | Office | $65.0M | 2.952% | Feb 2029 | n/a | n/a | Current |
| The Outlet Collection Seattle | Auburn, WA | Retail | $53.3M | 7.33% | Dec 2029 | 2.57x | 98% | Current |
All loans maturing in 2029 · 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.