A 15-story office tower in downtown Oakland and a nearby parking garage have been sold for $99.6 million – five years after it changed hands for $175 million.
SiliconValley.com reported Lakeside Group and Rubicon Point Partners, via an affiliate, partnered on the acquisition of 180 Grand Avenue, and the nearby 37-stall parking garage at 260 23rd Street through a process similar to a foreclosure.
Harvest Properties and AXA Investment paid $175 million for the properties in pre-pandemic 2019 when the office market was still in good health. After the pandemic, the Bay Area’s office vacancy levels reached record highs as companies struggled to bring workers back to the office and the region’s quality of life suffered from high housing costs and crime issues.
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