Office · Renton, Washington
Time Square Office Renton
Time Square Office Renton is financed with a $53.5M CMBS loan at 5.002% that reaches maturity on October 6, 2028, in 23 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is with the special servicer and 90+ days delinquent.
The loan
- Balance in tracked trusts
- $53,453,896
- Original balance (same notes)
- $56,000,000
- Interest rate
- 5.002% fixed
- Originated
- September 28, 2018
- Maturity
- October 6, 2028
- Payments
- Interest only for 36 months, then amortizing
- Prepayment lockout ends
- April 5, 2028
- Master servicer
- Trimont LLC
- Originator
- Deutsche Bank AG, acting through its New York Branch
Status
- Payment status
- 90+ days delinquent (code 3)
- Special servicing
- Transferred July 22, 2024
- Workout strategy
- TBD
- Defeasance
- None reported
The property
- Address
- 500-800 Southwest 39th Street, Renton, WA 98057
- Metro
- Seattle-Tacoma-Bellevue, WA
- Rentable area
- 323,737 sq ft
- Built
- 1984, renovated 2017
- Largest tenants
- GEICO; Rainier CRC LLC; Michels Corporation
- Value at securitization
- $72.9M (Nov 2018)
Performance
| At securitization | Latest (Dec 2025) | |
|---|---|---|
| DSCR (NOI) | 1.37x | 0.39x |
| Occupancy | 91% | 46% |
| Net operating income | $5.0M | $1.4M |
| Debt yield | 2.6% |
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 DBGS 2018-C1 Mortgage Trust filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- With the special servicer
- 30+ days delinquent or matured unpaid
- Coverage below 1.00x
- Coverage down 0.25x or more from securitization
- Occupancy down 10 points or more from securitization
- NOI down 20% or more from securitization
On the cmbs.news watch list in all 12 monthly reports we hold (October 2025 to September 2026).
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 91% when the loan was securitized to 46%.
- Net operating income is 72% below the underwritten figure ($1.4M a year against $5.0M).
- Debt service coverage moved from 1.37x at securitization to 0.39x on the latest statements.
- At 0.39x, the property's reported NOI does not cover its debt service.
- The most recent valuation in the filing is $33.3M (June 26, 2026), against $72.9M at securitization.
- The filing gives Apr 2028 as the lease end date for the largest tenant (GEICO), 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 | $53.5M | 90+ days delinquent | Yes | 0.39x | 46% |
| August 2026 | $53.5M | 90+ days delinquent | Yes | 0.39x | 46% |
| July 2026 | $53.5M | 90+ days delinquent | Yes | 0.39x | 46% |
| June 2026 | $53.5M | 90+ days delinquent | Yes | 0.39x | 46% |
| May 2026 | $53.5M | 90+ days delinquent | Yes | 0.38x | 46% |
| April 2026 | $53.5M | 90+ days delinquent | Yes | 0.38x | 46% |
| March 2026 | $53.5M | 90+ days delinquent | Yes | 0.38x | 46% |
| February 2026 | $53.5M | 90+ days delinquent | Yes | 0.38x | 46% |
| January 2026 | $53.5M | 90+ days delinquent | Yes | 0.31x | 46% |
| December 2025 | $53.5M | 90+ days delinquent | Yes | 0.31x | 46% |
| November 2025 | $53.5M | 90+ days delinquent | Yes | 0.31x | 46% |
| October 2025 | $53.5M | 90+ days delinquent | Yes | 0.80x | 47% |
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 July 22, 2024, still there.
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
One trust holds this loan in the data.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| DBGS 2018-C1 Mortgage Trust | 4 | $53,453,896 | Sep 2026 | SEC filing, October 1, 2026 |
Other Seattle-Tacoma-Bellevue loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| 1201 Third Avenue | Seattle, WA | Office | $170.0M | 5.585% | Mar 2028 | 1.28x | 48% | Current |
| 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 |
| 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.