H
armit Mann, a prominent Oakland landlord, has acquired the 198,200-square-foot office complex known as The Landing at 303 and 333 Hegenberger Road for $13 million. This purchase price represents nearly 70% less than what the property traded for five years ago. The two-building property, located east of Oakland International Airport, was previously owned by Los Angeles-based Ares Commercial Real Estate, which seized it through foreclosure after Vertical Ventures defaulted on a $37.5 million mortgage loan.

    The deal works out to $65 per square foot, significantly lower than the last traded price. At the time of sale, the offices were 56% leased. In contrast, when Vertical Ventures bought the property in 2019 for $40.6 million ($205 per square foot), it was 82% leased.

    The Hegenberger corridor, where The Landing is located, has struggled with high crime rates, leading to business closures and departures. However, Harmit Mann, son of prominent Oakland landlords Baljit Singh Mann and Surinder Mann, sees opportunity in the area. This purchase marks one of several recent office building deals in Oakland that have traded at discounted prices.