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25-story office tower in Houston's Uptown area is facing a looming financial deadline as landlord Unilev struggles with low occupancy and a delinquent loan. The $69 million loan, managed by Wells Fargo, is set to mature on March 1, leaving the owners of One Riverway less than two months to negotiate a restructuring or risk foreclosure.

    Unilev, led by co-founder Raymond Levy, has seen its financial situation deteriorate since occupancy dipped below 65% in 2023. The original $80 million loan, secured in 2015 at $166 per square foot, was transferred to special servicing after the decline. A substitute trustee has filed multiple foreclosure notices, but negotiations suggest a possible loan workout.

    The building's occupancy has plummeted 42.7% over eight years, from 89% in 2015 to 51% by the end of 2023. Remaining tenants include Texas Financial Group and Wright & Close, which occupy significant space. The office market challenges at One Riverway mirror broader issues in Houston, where transaction volume hit a nearly decade-low in the third quarter and vacancy rates rose to 26.8%.