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Fitch headquarters in Lower Manhattan Fitch Ratings headquarters in Lower Manhattan.

NEW YORK CITY—There’s been a shift the roster when it comes to the players in CMBS special servicing. In a year-end review of servicing trends, Fitch Ratings sees a move toward third-party firms even as the “traditional cartel” of legacy special servicers, which invested in controlling bond positions, continues to hold the largest balance of active special servicing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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