Boston-based Cubellis Associates shocked the A&D community on November 25, after informing staff via email that it was shutting its doors. The demise of the 23-year-old firm leaves 170 people in 12 offices worldwide—including 70 in the Boston office—out of work.

According to a story published in the Boston Business Journal, founder Lenord Cubellis blamed the firm’s closing on Sovereign Bank’s decision to freeze a line of credit that was required to pay employee salaries. Sovereign Bank basically confirmed the report in a prepared statement that said it is “constantly evaluating the levels of risk in its loan portfolio and making adjustments as needed based on prudential lending practices. This has been a long process and we continue to work with Cubellis to arrive at the best possible outcome for all stakeholders.” Cubellis told the Boston Business Journal that he is in negotiations with Sovereign Bank, but that the talks would not result in saving the firm.

Up until the closure was announced, Lenord Cubellis claims, the firm had been keeping busy and continued to win commissions, and Cubellis’ Web site  indicates that as recently as November 19, the firm was selected by Sun National Bank to renovate its 50,000-sq.-ft. headquarters in Vineland, N.J., and design a 3,600-sq.-ft. bank branch prototype, the first of which was to be rolled out in Glendora, N.J.

Cubellis started out with five people and expanded rapidly by following its major clients into new markets. By 2009, it was designing mixed-use, retail, residential, corporate, and academic projects from its offices in Boston, Baltimore, New York, Philadelphia, Fort Lauderdale, Chicago, Dallas, Orange County, Calif., Tysons Corner, Va., Englewood Cliffs, N.J., Wayne, Pa., and Dubai.