H
arvest Properties has lost control of the historic Leamington building in Oakland, a 11-story landmark that once housed Amelia Earhart's office. The company failed to pay its mortgage, which was at least $35.5 million, and handed over the keys to CIT Bank through a deed-in-lieu of foreclosure. Harvest bought the 118,600-square-foot building for $19.1 million in 2015.

    The Leamington, designed by W.H. Weeks and built in 1926, was converted into creative offices in 1983 after serving as the Leamington Hotel from 1926 to 1981. CIT Bank acquired the property through a deed-in-lieu for $34.5 million, or $298 per square foot, which is less than the outstanding loan amount.

    This loss marks another challenge for the Oakland office market, which has been struggling with high vacancies and decreased foot traffic due to remote work and crime concerns. The Downtown Oakland office vacancy rate rose to 26.9% in the fourth quarter of last year, up from 23.8% in the previous period.

    Harvest Properties, founded by John Winther in 2002, has faced financial difficulties in recent months. In February, the company defaulted on an $11.8 million loan linked to a Berkeley office building, and it also surrendered a 15-story Oakland office tower after failing to pay a $95 million loan.