Amazon Slashing Jobs, Major Oakland Office Defaults, and $1.2 Billion Purchase of Vacaville Genetec/Roche facility

Amazon Slashing office space, will save $1.3 Billion in Costs. Will let leases expire and negotiate early lease terminations.  Starwood Capital paid almost $500 million in 2019 for three Downtown Oakland office buildings, and after just defaulting on a 364.5-million-dollar loan has given up ownership of 2100 Franklin, 2101 Webster and 1901 Harrison. San Francisco’s Four Seasons Hotel is in default. Philadelphia’s assessed office value is expected to drop by $1 Billion Dollars which will have a huge impact on city tax revenues, and this may play out similarly in major cities across the country. Good news, the Swiss company, Lonza Group, just paid $1.2 Billion for the Genentech/Roche facility in Vacaville which is located on 100 acres with 427,000 square feet of manufacturing, labs and office space.