A lender has taken over a downtown Oakland office building after the 10-story tower failed to attract any bidders at a foreclosure auction, setting another benchmark for plunging valuations of office properties in beleaguered Bay Area markets.

The office tower, located at 1700 Broadway in the Oakland district known as Uptown, was acquired by Bank of the Sierra in a proceeding that place a $4M value on the property, according to a report in SiliconValley.com.

An affiliate controlled by HP Investors, a real estate firm based in Solana Beach in San Diego county, paid $13.3M to buy 1700 Broadway in 2017, which means the property has lost nearly 70% of its value.

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