OAKLAND \u2014 The Clorox Building in downtown Oakland was foreclosed due to a failed loan, a grim new indicator that the Bay Area office market remains in a weak position.<\/p>\n
At 1221 Broadway and part of the City Center mixed-use complex, the landmark tower was taken back through a speedy foreclosure process, documents filed on June 16 with the Alameda County Recorder\u2019s Office show.<\/p>\n
An alliance of private equity firm KKR and real estate company TMG Partners returned the Clorox Building to lender Heitman Capital Management, county documents show.<\/p>\n
The Heitman Capital affiliate placed a value of $258.3 million on the building, which totals about 535,000 square feet, through the foreclosure.<\/p>\n
An affiliate of KKR and TMG bought the Clorox Building for $253.5 million in 2018, Alameda County documents show. KKR obtained a $239.6 million loan from Heitman Capital at the time of the purchase.<\/p>\n
At the time of the transaction, commercial real estate experts described the purchase as the largest single-asset purchase in Oakland\u2019s history.<\/p>\n
In 2015, the Clorox Building was bought for $165.4 million, according to Alameda County property documents.<\/p>\n
Oakland-based Clorox has its world headquarters in the building and is the anchor tenant. In 2012, Clorox sold the building for $110 million. The tower\u2019s other tenants include Brown & Towland.<\/p>\n
The deed in lieu of foreclosure for the Clorox Building represents one of the latest examples of the brutal economic conditions for the office market<\/a> in Oakland as loan failures and fading values have begun to affect a growing number of office buildings<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"OAKLAND \u2014 The Clorox Building in downtown Oakland was foreclosed due to a failed loan, a grim new…\n","protected":false},"author":2,"featured_media":366670,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[389,184,387,7,3010,332,181,100,143,145,144,182],"class_list":["post-366669","post","type-post","status-publish","format-standard","has-post-thumbnail","category-oakland","tag-alameda-county","tag-bay-area","tag-business","tag-california","tag-commercial-real-estate","tag-east-bay","tag-latest-headlines","tag-news","tag-oakland","tag-oakland-headlines","tag-oakland-news","tag-pm-report"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=366669"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/366669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/366670"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=366669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=366669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=366669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}