Tribune Tower Office Portfolio Locks in $111M Refi

Refinancing of $111 million was recently obtained for an approximately 300,000-square-foot three-building creative office portfolio including Tribune Tower, 1500 Broadway and 405 14th St. in Oakland. The borrower, Highbridge Equity Partners, will apply the debt to repay existing loans and fund future improvements.

Tribune Tower has been a longstanding downtown icon since its construction in 1906. 405 14th St., located a block from Tribune Tower, is a 16-story (plus additional penthouse floor) creative office building. 1500 Broadway is a class-A creative office building in Oakland’s Uptown Station neighborhood.

Brad Zampa and Mike Walker with CBRE secured the five-year floating rate loan from a global investment debt fund.

“We are still seeing an abundance of financing options in the value-add space for transitional office deals in desirable markets like Oakland,” said Zampa. “The majority of loan originators we interface with had record-breaking origination volume in 2021, and expect to set and achieve similar goals for 2022.”