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Pimco is saddled with a $1.7 billion default in office-market meltdown

5 min read 28 Feb 2023, 11:03 PM IST The Wall Street Journal

Columbia Property Trust feels the fallout of rising interest rates

FILE PHOTO: A U.S. dollar note is seen in front of a stock graph in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration/File Photo (REUTERS) — FILE PHOTO: A U.S. dollar note is seen in front of a stock graph in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration/File Photo **(REUTERS)**

In 2021, the asset-management firm known as Pimco banked on an office-market comeback. Interest rates were near historic lows, and the economy was humming. Cities were expecting a surge in newly vaccinated workers returning to the office.

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Pimco is saddled with a $1.7 billion default in office-market meltdown

Columbia Property Trust feels the fallout of rising interest rates

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