Swift Real Estate Defaults on 1111 Broadway Loan
The owner of the 24-story Oakland office tower defaulted on a $194.1 million loan payment this week.
Updated on Oct. 22, 2026 in Commercial
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Swift Real Estate has defaulted on a $194.1 million loan tied to the office tower at 1111 Broadway in downtown Oakland. This move follows a series of financial struggles for commercial properties across the city.
Why it matters
The default highlights a worsening trend of failed financing and property foreclosures in downtown Oakland. These financial losses threaten to decrease local property values and reduce essential tax revenue for the city.
Swift Real Estate acquired the 24-story, 572,300-square-foot office building for $327.5 million in 2021. The current default involves an unpaid principal balance of $194.1 million.
The players
Swift Real Estate
This investment firm is the owner of the 1111 Broadway office tower in Oakland.
Alameda County Recorder's Office
This public agency serves as the official filing center for property documents and deeds in the region.
The details
Affiliates controlled by Swift Real Estate filed documents with the Alameda County Recorder's Office to confirm the default on the office tower. The lender for the loan is based at Brookfield Partners in New York City.
Timeline
Swift Real Estate purchased the 1111 Broadway property in 2021.
The Oakland Marriott City Center was foreclosed on in July 2025.
The Clorox Building at 1221 Broadway was acquired by lenders via foreclosure in June 2026.
The loan default for 1111 Broadway was officially documented on October 21, 2026.
Culture Shift
This default follows the ongoing trend of commercial office loan defaults in downtown Oakland, mirroring recent closures of the Tribune Tower and the Clorox Building. The situation reflects a broader economic struggle within the city's commercial real estate market.
The continued financial instability of major downtown towers may influence local business operations and future commercial leasing availability. Residents should monitor the area as tax revenue shortfalls could affect city infrastructure or municipal services.
The takeaway
Commercial property owners are facing significant pressure to restructure debt in a tightening economic climate. Stakeholders and business owners should watch for future auction notices or management shifts at high-profile office sites.
Further reading
Learn more about the state of local business developments in the Oakland Commercial section.
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Do you worry that declining downtown property values will hurt local public services in your area?
