A Friendly Foreclosure

Blox Ventures has acquired a prime office property in Emeryville, securing the eight-story, 109,333-square-foot building at 6001 Shellmound St. through a deed in lieu of foreclosure. This acquisition comes at a steep discount, as Blox purchased a $21.61 million loan for just $6.8 million, reflecting the post-pandemic reset happening in the office market. Despite previous discussions about converting the property to residential units, Blox plans to maintain it as an office asset, with the building’s occupancy over 60% and showing signs of growth. This move is part of Blox’s strategy to invest in well-connected, high-potential markets.

A Union Square Auction

Goldman Sachs is set to auction two office buildings in San Francisco’s Union Square after the owners, Gem Realty Capital and Flynn Properties, defaulted on a $47.5 million mortgage loan. The auction, scheduled for April 10, will include the 121,000-square-foot building at 222 Kearny Street and the 24,000-square-foot building at 180 Sutter Street. These properties, initially valued at $74.75 million in 2019, are now listed at $56.74 million, reflecting a significant decrease in value. As of September, the buildings were 68% vacant, with a marked drop in appraised value to $18.3 million.

March Madness is Here

March Madness is back in The Bay! Chase Center will host the Sweet 16 and Elite 8 rounds of the NCAA men’s basketball tournament on Thursday and Saturday.

In the Sweet 16, No. 1 seed Florida will face No. 4 Maryland at 4:39 p.m. on Thursday, followed by No. 3 Texas Tech battling No. 10 Arkansas at approximately 7:09 p.m. The winners will move on to the Elite 8 on Saturday, with the victorious team securing a spot in the Final Four. Saturday's game time is still to be announced. Get your tickets here!