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California NewsUSA

East Bay buildings fall into default as Bay Area office woes persist

Two East Bay office buildings have collapsed in separate defaults and are at risk of foreclosure and foreclosure due to the delinquencies, further evidence of the weakness of the commercial real estate sector.

One of the office buildings is in downtown Berkeley and the other is in downtown Oakland. Both properties are near BART train stops in the urban centers of those respective cities.

Constitution Square, a three-story office and retail building located at 2168 Shattuck Avenue in downtown Berkeley. (Google Maps)

Here are the details of the two real estate loan defaults:

— A downtown Berkeley mixed-use office and retail building known as Constitution Square, located at 2168 Shattuck Avenue, is in default on an $11.8 million loan it obtained in 2018. A subsidiary led by Harvest Properties, a veteran Bay Area developer, and Independencia Asset. Management owns the building whose loan is in default. JPMorgan Chase Bank is the lender.

— A downtown Oakland office tower at 1700 Broadway has defaulted on a $10 million loan to the building’s owner, a subsidiary controlled by La Jolla-based HP Investors. The tower owner obtained the loan in 2020. The lender is Bank of Sierra.

California Daily Newspapers

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