{"id":12375906,"date":"2025-12-22T06:46:54","date_gmt":"2025-12-22T14:46:54","guid":{"rendered":"https:\/\/www.mercurynews.com\/?p=12375906"},"modified":"2025-12-23T11:02:01","modified_gmt":"2025-12-23T19:02:01","slug":"oakland-property-office-economy-real-estate-build-develop-nonprofit","status":"publish","type":"post","link":"https:\/\/www.mercurynews.com\/2025\/12\/22\/oakland-property-office-economy-real-estate-build-develop-nonprofit\/","title":{"rendered":"Oakland tower deal shows that East Bay office market weakness persists"},"content":{"rendered":"<p>OAKLAND &#8212; A downtown Oakland tower was bought in a deal that shows values for East Bay office buildings remain depressed in the wake of waves of loan defaults, property foreclosures and high vacancy levels.<\/p>\n<p>An affiliate of a credit union paid $3.5 million for a <a href=\"https:\/\/www.mercurynews.com\/2024\/06\/13\/oakland-office-foreclose-real-estate-property-develop-loan-economy\/\">10-story tower at 1700 Broadway<\/a>, documents filed on Dec. 18 with the Alameda County Recorder&#8217;s Office show. The price is one-fourth of the $13.3 million that a real estate firm paid in 2017 for the building \u2013 a 74% decline in the property&#8217;s value.<\/p>\n<p>The office tower has been through a loan default, foreclosure and several owners, including its lender.<\/p>\n<p>HP Investors bought the building in 2017. However, in January 2024, the building went into default due to a delinquency on a $9.1 million loan.<\/p>\n<aside class=\"related right\"><h2 class=\"widget-title\" data-curated-ids=\"\" data-relation-type=\"automatic-primary-tag\">Related Articles<\/h2><ul><li>\n\t\t\t<a class=\"article-title\" href=\"https:\/\/www.mercurynews.com\/2025\/12\/23\/san-jose-cisco-tech-office-build-develop-property-real-estate-economy\/\" title=\"Cisco sells San Jose office buildings but has option to buy them back\">\n\t\n\t\t\t\t<span class=\"dfm-title metered\">\n\t\t\tCisco sells San Jose office buildings but has option to buy them back\t\t<\/span>\n\n\n\n\t\t\t<\/a>\n\t\n\t\n<\/li><li>\n\t\t\t<a class=\"article-title\" href=\"https:\/\/www.mercurynews.com\/2025\/12\/22\/google-economy-tech-planetary-ventures-sunnyvale-build-property-home\/\" title=\"Google unit Planetary Ventures sells Sunnyvale property\">\n\t\n\t\t\t\t<span class=\"dfm-title metered\">\n\t\t\tGoogle unit Planetary Ventures sells Sunnyvale property\t\t<\/span>\n\n\n\n\t\t\t<\/a>\n\t\n\t\n<\/li><li>\n\t\t\t<a class=\"article-title\" href=\"https:\/\/www.mercurynews.com\/2025\/12\/22\/google-tech-mountain-view-office-build-property-develop-economy-jobs\/\" title=\"Google buys Mountain View building near tech titan&#8217;s iconic office hubs\">\n\t\n\t\t\t\t<span class=\"dfm-title metered\">\n\t\t\tGoogle buys Mountain View building near tech titan&#8217;s iconic office hubs\t\t<\/span>\n\n\n\n\t\t\t<\/a>\n\t\n\t\n<\/li><li>\n\t\t\t<a class=\"article-title\" href=\"https:\/\/www.mercurynews.com\/2025\/12\/19\/sunnyvale-hotel-economy-build-property-travel-south-bay-real-estate\/\" title=\"Busy real estate investor buys another South Bay hotel at low price\">\n\t\n\t\t\t\t<span class=\"dfm-title metered\">\n\t\t\tBusy real estate investor buys another South Bay hotel at low price\t\t<\/span>\n\n\n\n\t\t\t<\/a>\n\t\n\t\n<\/li><li>\n\t\t\t<a class=\"article-title\" href=\"https:\/\/www.mercurynews.com\/2025\/12\/19\/san-jose-house-build-economy-property-develop-apartment-home-real-estate\/\" title=\"Downtown San Jose housing towers with 700-plus units land final city approval\">\n\t\n\t\t\t\t<span class=\"dfm-title metered\">\n\t\t\tDowntown San Jose housing towers with 700-plus units land final city approval\t\t<\/span>\n\n\n\n\t\t\t<\/a>\n\t\n\t\n<\/li><\/ul><\/aside>\n<p>In June 2024, Bank of Sierra seized the tower through a foreclosure that placed a $4 million value on the building. Right after the foreclosure, Fresno-based Agate Holdings paid the lender $2.8 million for the tower.<\/p>\n<p>Now, the new owner is an affiliate controlled by North Carolina-based Self-Help Credit Union&#8217;s higher-risk lending unit, Self-Help Ventures Fund. The credit union and its venture fund are both nonprofits.<\/p>\n<p>At the corner of Broadway and 17th Street, the building totals 31,500 square feet, including 3,500 square feet of ground-floor retail space.<\/p>\n<p>The tower was built in 1914, <a href=\"https:\/\/localwiki.org\/oakland\/1700_Broadway\">according to Oakland Wiki<\/a>. Lucy Fay Thomson and William Edward Thomson, siblings who were children of longtime Oakland businessman and political leader Peter Thomson, financed the <a href=\"https:\/\/www.newspapers.com\/article\/oakland-tribune-thomson-building-walte\/47482886\/\">$200,000 needed for development and construction<\/a>, according to a 1913 article by the Oakland Tribune.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Oakland tower has been bought in a deal that shows values for East Bay office buildings remain depressed.<\/p>\n","protected":false},"author":413,"featured_media":10342862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"subheadline":"Building is worth less than its value in 2017","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[167,190,812,13645,160,168],"tags":[211,13335,32732,34371,21032,34461],"feature":[13064],"location":[8,3,2,30905,4,20],"type-of-work":[],"coauthors":[992],"class_list":["post-12375906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-california-news","category-economy","category-latest-headlines","category-news","category-real-estate","tag-commercial-real-estate","tag-development","tag-keywee","tag-oakland-real-estate","tag-office-buildings","tag-real-estate","feature-biz-break","location-alameda-county","location-bay-area","location-california","location-downtown-oakland","location-east-bay","location-oakland"],"post_status":"","edit_last":0,"edit_lock":0,"highlights":"","original_byline":"","original_canonical":"","original_category":"","original_email":"","original_id":0,"original_pubdate":"","original_source":"","primary_section":"168","primary_tag":211,"print_workflow_body":{"deck_headline":"","print_title":"Oakland tower deal shows that East Bay office market weakness persists","print_subheadline":"Building is worth less than its value in 2017","print_planned_ready":"","print_pub_date":"","print_slug":"SJM-L-OAKDTOFFICEBUY-1223","print_content":"<p>OAKLAND -- A downtown Oakland tower was bought in a deal that shows values for East Bay office buildings remain depressed in the wake of waves of loan defaults, property foreclosures and high vacancy levels.<\/p>\n<p>An affiliate of a credit union paid $3.5 million for a <a href=\"https:\/\/www.mercurynews.com\/2024\/06\/13\/oakland-office-foreclose-real-estate-property-develop-loan-economy\/\">10-story tower at 1700 Broadway<\/a>, documents filed on Dec. 18 with the Alameda County Recorder's Office show. The price is one-fourth of the $13.3 million that a real estate firm paid in 2017 for the building \u2013 a 74% decline in the property's value.<\/p>\n<p>The office tower has been through a loan default, foreclosure and several owners, including its lender.<\/p>\n<p>HP Investors bought the building in 2017. However, in January 2024, the building went into default due to a delinquency on a $9.1 million loan.<\/p>\n<p>&nbsp;<\/p>\n<p>In June 2024, Bank of Sierra seized the tower through a foreclosure that placed a $4 million value on the building. Right after the foreclosure, Fresno-based Agate Holdings paid the lender $2.8 million for the tower.<\/p>\n<p>Now, the new owner is an affiliate controlled by North Carolina-based Self-Help Credit Union's higher-risk lending unit, Self-Help Ventures Fund. The credit union and its venture fund are both nonprofits.<\/p>\n<p>At the corner of Broadway and 17th Street, the building totals 31,500 square feet, including 3,500 square feet of ground-floor retail space.<\/p>\n<p>The tower was built in 1914, <a href=\"https:\/\/localwiki.org\/oakland\/1700_Broadway\">according to Oakland Wiki<\/a>. Lucy Fay Thomson and William Edward Thomson, siblings who were children of longtime Oakland businessman and political leader Peter Thomson, financed the <a href=\"https:\/\/www.newspapers.com\/article\/oakland-tribune-thomson-building-walte\/47482886\/\">$200,000 needed for development and construction<\/a>, according to a 1913 article by the Oakland Tribune.<\/p>\n","print_budget_line":"","print_excerpt":"An Oakland tower has been bought in a deal that shows values for East Bay office buildings remain depressed.","print_notes":"","photo_limits":"Photo limits are: 1 featured image, 5 featured gallery images, 5 embedded gallery images and 5 in-article embedded images. Articles that exceed these limits will not export. 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