Starwood Capital has given back the keys on three downtown Oakland office towers, acquired for nearly $500M in 2019, after defaulting on a $365M loan backed by the buildings.
Starwood has surrendered the three buildings, located at 1901 Harrison, 2100 Franklin and 2101 Webster streets, to Deutsche Bank, which provided the loan for the 2019 deals, according to a report in the San Francisco Chronicle.
Miami Beach-based Starwood bought the towers nearly five years ago in two deals encompassing about $494M from Los Angeles-based CIM Group.
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