ACORE Capital Declares Default on GPI Companies' West End Office Campus

ACORE Capital recorded a notice of default against developer GPI Companies in September 2026 over West End, a 235,000-square-foot creative office campus at 10730 West Pico Boulevard in West Los Angeles, built on the site of a shuttered Macy's at the former Westside Pavilion. The Real Deal reported the default on October 12, 2026, saying ACORE claims more than $80 million is owed; the campus, completed in 2022, reportedly remains entirely vacant.

Why it matters

The default underscores how speculative creative-office conversions financed in the low-rate years before 2022 are colliding with a leasing market that has been slow to absorb new office product without a signed anchor tenant. Lenders and sponsors with similar vacant spec-office collateral nearing maturity should treat the case as a signal that lenders are moving to recorded defaults relatively quickly once a non-performing asset shows no credible near-term leasing path.

Part of the Office Foreclosure & Receivership Tracker: every related matter in one table.

Case timeline · 4 entries Latest: October 12, 2026 — The Real Deal reports the default and that the campus faces foreclosure

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