"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."
"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. However, about a year after Starwood bought the office buildings, the coronavirus outbreak ushered in wide-ranging business shutdowns that chased workers out of their offices over fears about the spread of the deadly virus."
Deutsche Bank AG New York Branch, through an affiliate, took ownership of three downtown Oakland office towers via a deed in lieu of foreclosure, with the filing recorded Jan. 20 at the Alameda County Recorder's Office. The affiliate stated unpaid debt of $442.1 million; the original loan to Starwood totaled $364.5 million. The properties at 2101 Webster St., 1901 Harrison St., and 2100 Franklin St. total about 975,000 square feet. Connecticut-based Starwood Capital bought the buildings in 2019 for $494 million. Office vacancy in downtown Oakland rose from about 7.5% in 2019 to 28.5% in Q4 2025, driven by pandemic-era shutdowns and sustained remote work.
Read at The Mercury News
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