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.
"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."
Read at The Mercury News
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