Berkeley, CA

Product Type



120,000 square feet


In 2010, Strada, in partnership with a global real estate private equity firm, acquired a troubled loan collateralized by a 120,000 square foot office building in Berkeley. Strada sourced the transaction on an off-market basis, and the acquisition price represented a significant discount to par and an attractive valuation of the underlying real estate collateral.  Strada negotiated a deed in lieu of foreclosure with the borrower and took clean title at the time of acquisition.

Berkeley Crossing was nearly 60% vacant at the time of acquisition, presenting an opportunity for Strada to upgrade the building and lease it up in a rising rental market. Strada succeeded at fully leasing the building, attracting the University of California at Berkeley as an anchor tenant for the majority of the space and granting it an option to acquire the property. UC elected to exercise this right in 2013, buying the building from Strada and its partner.