Oakland Office Building Joins Highbridge List of Defaults

Highbridge Equity Partners has defaulted on another downtown Oakland office property, adding to a growing list of distressed assets in the foreclosure pipeline.

JPMorgan Chase has filed a complaint in Alameda County Superior Court seeking to foreclose on 1540–1544 Broadway, a multitenant building in the East Bay city’s core, after Highbridge failed to repay a $2.7 million loan tied to the property, the San Francisco Business Times reported. The borrower stopped making payments in June 2025 and still owes $2.3 million as of February 2026, according to court filings.

The building sits adjacent to 1500 Broadway, one of three Highbridge-owned office towers — along with the Tribune Tower and the Financial Center Building — that entered foreclosure in 2025 and were placed in receivership. At the time, the receiver reported severe deterioration across the portfolio, including broken windows, asbestos, drug paraphernalia and other hazardous conditions.

The new foreclosure indicates that Highbridge’s broader Oakland strategy, once built on acquiring and repositioning historic assets, has largely collapsed under debt pressure and deferred maintenance.

Highbridge, run by CEO Douglas Abrams, purchased 1540–1544 Broadway for $6 million in 2018 and financed it with a loan from First Republic Bank, whose assets JPMorgan later acquired.

The lawsuit also names Thomas Beers, producer of the television show “Deadliest Catch,” and his wife Leslie Beers as guarantors. The Beers invested in the Tribune Tower and could be held liable for repayment, according to the Business Times.

JPMorgan is seeking a court‑appointed receiver to stabilize operations and potentially prepare the Broadway property for sale.

The building has long served as an arts and cultural venue, most recently housing the Black Arts Movement Business District Community Development Corporation and the Lower Bottom Playaz theater company.

Highbridge’s troubles extend beyond Broadway. Between 2016 and 2018, the firm spent more than $117 million acquiring the Tribune Tower, Financial Center Building and 1500 Broadway, later refinancing the portfolio with a $111 million loan. That debt also went into default in 2025, prompting lender Rialto Capital Management to take control through receivership. The firm additionally owns The Loom, a 5‑acre East Oakland redevelopment site with an uncertain future.

The context of Highbridge troubles is Oakland’s weakened post‑pandemic office market, where vacancies have surged and distressed assets are trading at steep discounts. Multiple buildings have already been seized by lenders or sold at fractions of prior valuations, signaling a deep market reset.

— Joel Russell