Owners of downtown Oakland office tower suffer loan default

OAKLAND The owners of a landmark downtown Oakland office tower are in default on a multimillion dollar loan, the latest failure to jolt a prominent downtown property. Documents filed on Oct. 21 with the Alameda County Recorder s Office show that affiliates controlled by Swift Real Estate have an unpaid principal loan balance of $194.1 million for the tower at 1111 Broadway. In 2021, the affiliates paid $327.5 million for the 572,300-square-foot, 24-story high-rise. At the time of the purchase, a business entity based at the New York City offices of investment firm Brookfield Partners provided Swift Real Estate with the $218.5 million loan now in default. A growing number of properties in downtown Oakland have faced severe financial difficulties. At 1001 Broadway, the 500-room Oakland Marriott City Center hotel is still owned by a lender whose foreclosure of the site s loan in July 2025 valued the tower at $70.2 million. One block to the north, at 1221 Broadway, a lender owns the 24-s