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CIM Group Defaults on Oakland Office | Real Estate News
CIM Group’s Oakland office tower, once home to Kaiser Permanente, is in crisis after defaulting on a $97M loan as property values plummeted from $200M to just $54M. Kaiser’s 30% space cut slashed cash flow, pushing the building to the brink. CIM pays interest but refuses to refinance without extra cash — now lenders demand full repayment. With 33% of Oakland’s office space vacant and occupancy below 70%, refi is nearly impossible. This isn’t CIM’s first rodeo — they defaulted on Yelp’s SF HQ last year, now up for sale. The commercial real estate market’s struggles are hitting older towers…
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