William J. McMorrow Of Kennedy Wilson Acquires Note On 601 12th Street In Oakland For $63.8M

The property asset involved in the transaction is a 600,000-square-foot office tower located at 601 12th Street in Oakland. The sale price for this asset was $63,800,000, which translates to a price per square foot of $106. The building is a 23-story structure, currently anchored by Blue Shield of California, and the acquisition was made through foreclosure.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $63,800,000
• Address: 601 12th Street
• Market: Oakland
• Square Footage: 600,000
• Price Per Square Foot: $106
• Buyer: William J. McMorrow - Kennedy Wilson

The deal involved William J. McMorrow representing Kennedy Wilson, which worked with co-lender Deutsche Bank to restructure the capital stack, assuming $63.8 million of approximately $265 million in debt. This acquisition reflects the ongoing distress in the Oakland office market, as post-pandemic values continue to decline and lenders take control of underperforming assets.