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Highlights
​​Bank OZK seized the 320,000-square-foot vacant life sciences building from Sterling Bay via a deed-in-lieu of foreclosure, satisfying a $65 million construction loan.
The property's carrying value has dropped to $50 million, and the lender took title after a pending short sale, with reported interest from Novak Construction, failed to close.
The building's vacancy since early 2023 is symptomatic of a broader downturn in the life sciences sector and underscores the financial distress of Sterling Bay's troubled Lincoln Yards megaproject.