"Deutsche Bank AG New York Branch, through an affiliate, took ownership of the three office towers in a streamlined foreclosure process, according to documents filed on Jan. 20 with the Alameda County Recorder's Office. The unpaid debt for the three office buildings totals $442.1 million, the financial titan's affiliate stated in the filing, which was a deed in lieu of foreclosure, the county records show. The original loan that Deutsche Bank provided to Starwood totaled $364.5 million, Alameda County real estate records show."
"Connecticut-based Starwood Capital had bought the buildings in 2019, paying $494 million in a deal that at the time was seen as a sign of confidence in the Oakland office market. The exuberance over the office sector was well-placed in 2019. Around the time Starwood bought the buildings, the office vacancy rate in downtown Oakland was around 7.5%, according to a report by Colliers, a commercial real estate firm."
Three downtown Oakland office towers at 2101 Webster St., 1901 Harrison St., and 2100 Franklin St. were taken over by a Deutsche Bank AG New York Branch affiliate through a streamlined foreclosure and deed in lieu filing. The unpaid debt tied to the properties is $442.1 million, compared with the original loan of $364.5 million. Connecticut-based Starwood Capital purchased the three towers in 2019 for $494 million. Office vacancy in downtown Oakland rose from about 7.5% in 2019 to 28.5% in Q4 2025 after pandemic-era shutdowns chased workers from offices. The properties total about 975,000 square feet.
Read at www.mercurynews.com
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