OAKLAND — The owners of a landmark downtown Oakland office tower are in default on a multimillion dollar loan, the latest failure to jolt a prominent downtown property.
Documents filed on Oct. 21 with the Alameda County Recorder’s Office show that affiliates controlled by Swift Real Estate have an unpaid principal loan balance of $194.1 million for the tower at 1111 Broadway.
In 2021, the affiliates paid $327.5 million for the 572,300-square-foot, 24-story high-rise.
At the time of the purchase, a business entity based at the New York City offices of investment firm Brookfield Partners provided Swift Real Estate with the $218.5 million loan now in default.
A growing number of properties in downtown Oakland have faced severe financial difficulties.
At 1001 Broadway, the 500-room Oakland Marriott City Center hotel is still owned by a lender whose foreclosure of the site’s loan in July 2025 valued the tower at $70.2 million.
One block to the north, at 1221 Broadway, a lender owns the 24-story Clorox Building after a speedy foreclosure in June placed a $258.3 million value on the office building.
Also nearby, the owner of the historic 22-story Tribune Tower at 409 13th St. is engulfed in a loan default. The building has been forced into a receivership and faces foreclosure.
Multiple other office buildings, apartment towers and hotels in downtown Oakland have also suffered from failed financing or foreclosures in recent years, likely to cause values to nosedive – actions that a pose a threat to property values and the tax revenue streams crucial to public agencies.