James Center office complex in downtown Richmond off the auction block

At least for now the James Center office complex in downtown Richmond is off the auction block. “The James Center foreclosure that I was handling at the instruction of the lender has been canceled,” said William H. Casterline Jr., who was hired as a trustee in the proceedings.

The auction was scheduled for March 8 on the steps of the John Marshall Courts Building in Richmond. “Lenders always have the ability to cancel a foreclosure. It’s not that unusual,” said Casterline, an attorney with Blankingship & Keith PC in Fairfax. “I think there are discussions going on with the borrowers. I’m like in the military. I’m waiting for future orders.”

Casterline referred further questions to Tom Dugan, a Washington. D.C., lawyer who is representing the special servicer for the loan in the case,  LNR Partners I, based in Miami.

Asked about the status of the three-office tower complex, Dugan, with Sutherland, Asbill & Brennan, said, “We can’t really comment at this time.”

The maturity date on $150 million in commercial mortgage backed securities (CMBS) debt due on the James Center was March 10. JEMB Realty in New York owns the buildings on East Cary Street, which are known for their thousands of holiday lights.

The James Center lost a major tenant last summer when the McGuireWoods law firm moved to a new office tower, Gateway Plaza, across the street.