Editor's Note: This article has been updated to reflect subsequent developments in the Edgewater Park Plaza foreclosure and to clarify East West Bank's role in the transaction.
Edgewater Park Plaza, a two-story office campus near Oakland International Airport, has completed a foreclosure process, the latest sign that HP Investors' big bet on Bay Area office repositioning has soured. The roughly 206,000-square-foot complex, bought when the market looked far sunnier, was pitched as a candidate for logistics or flex-office conversions. Instead, slower leasing activity and rising financing costs squeezed returns, and the property ultimately changed hands through foreclosure.
According to The Real Deal, the Edgewater Park Plaza property at 7700 Edgewater Drive headed for a lender-initiated sale after a January notice of default cited nearly $1 million in unpaid rent and identified East West Bank as the lender of record. The outlet also reported that the complex was part of HP Investors' 2022 buying streak, and that The Real Deal pegged the purchase price at about $35.7 million. East West Bank subsequently sold the delinquent note to a third-party buyer; it was that note buyer, not East West Bank or an affiliate, that ultimately foreclosed on the property. According to The Registry, a Lafayette-based note purchaser took title to Edgewater Park Plaza, with the foreclosure valuing the campus at $8.7 million — a roughly 75 percent markdown from the 2022 purchase price.
Property background
HP Investors listed Edgewater Park Plaza at about 206,000 square feet on roughly 11 acres, with the acquisition recorded in June 2022. The two-story campus sits across from the Coliseum and was marketed as a flexible play that could tap into logistics and industrial-office demand near Interstate 880 and the airport. That strategy looked solid in 2022, but it proved far harder to pull off amid a slower-than-hoped-for return-to-office cycle.
Market strain
East Bay office numbers have not been doing landlords any favors. Market data show vacancy hovering in the mid-teens, and CoStar reported about a 16 percent vacancy rate in early 2026. At the same time, lenders have grown less eager to refinance properties that are already struggling. The pressure has already triggered seizures and auctions: HP Investors previously lost 1700 Broadway in a 2024 lender seizure, as documented by the Page Suite. Against that backdrop, a large, older office campus near the airport winding up in foreclosure is less a surprise than a sign of the times.
What happened
The foreclosure of Edgewater Park Plaza has now concluded. A Lafayette-based note buyer — not East West Bank — took title to the property after purchasing the distressed loan from East West Bank and subsequently foreclosing. The campus was valued at approximately $8.7 million in the foreclosure, according to The Real Deal, representing a steep discount from the $35.7 million HP Investors paid in 2022. What the new owner does with the campus — whether repositioning, redevelopment, or a further sale — remains to be seen.
