A big Oakland office complex has been seized through a foreclosure that slashed the building’s value to one-third of its prior price.
OAKLAND — A big office complex in Oakland has been seized through a foreclosure that slashed the building’s value to one-third of its prior price, fresh evidence of a sickly post-COVID Bay Area real estate market.
The Landing, as the Oakland office center is known, now appears to be worth considerably less than that following the foreclosure, according to documents filed on June 14 with the Alameda County Recorder’s Office. The loan that went into foreclosure totaled $37.5 million at the time Ares Commercial Real Estate Management issued the financing to the Vertical Ventures affiliate in 2019.
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