The Bay Area Real Estate Journal
US Bank Forecloses on Emeryville Offices
Submitted February 18, 2010, 1:40 PM
US Bank has foreclosed on an Emeryville office complex once owned by the California Public Employees’ Retirement System and the Hines company.
The three office buildings and a restaurant space in the Watergate office complex were an early casualty of the commercial property bust. Hines and CalPERS handed the keys back to lender Pacific National Bank last year. Pacific National was subsequently closed by the Federal Deposit Insurance Corp. and its assets sold to US Bank.
It has taken the property a good while to get to final foreclosure because the incoming bank had to go through all of PNB’s real estate assets, including Watergate, to see what it had and what would be the next course of action, said Michael Covarrubias, chief executive officer of TMG Partners in San Francisco and the receiver for the property.
“They were in no rush to make this happen,” Covarrubias said.
Real Time Real Estate
