Major investor Grosvenor quietly exiting Bay Area CRE
Key Questions
What Bay Area assets is Grosvenor unwinding?
Grosvenor is exiting CRE with sales of Union Sq Post/Stockton $44M retail, SJ offices, Nob Hill condos, Berkeley ACE, Oakland Telegraph 225u site, Oakland site, Los Gatos North 40 450 homes.
What financial impacts has Grosvenor faced?
$60M writedowns in '23; team reassigned to GDPI backing locals. Latest SJ Junction Ave office sold $12.2M (62% off 2018) to Paceline.
What does Grosvenor's exit signal for Bay Area CRE?
Unwinding post-pandemic amid ongoing distress challenging SF/SV luxury frenzy; monitor buyers, relists, foreclosure risks.
Unwinding post-pandemic: Union Sq Post/Stockton $44M retail, SJ offices, Nob Hill condos, Berkeley ACE, Oakland Telegraph 225u entitled site/Oakland site, Los Gatos North 40 450 homes project; $60M '23 writedowns, team reassigns to GDPI backing locals. Latest SJ Junction Ave office $12.2M (62% off 2018) to Paceline signals ongoing CRE distress challenging SF/SV luxury frenzy; monitor buyers, relists, forecl risks.