High-profile East Bay office building deal shows property value slump

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EMERYVILLE — An Emeryville office building was purchased in a deal that shows some commercial property values in the Bay Area continue to decline.

The building at 6001 Shellmound St. was acquired for $20.6 million through an all-cash deal in a streamlined foreclosure process, according to documents filed on March 19 with the Alameda County Recorder’s Office. The price is 44.6% below the $37.2 million estimated value for the office building as of January 2024.

Office building at 6001 Shellmound St. in Emeryville, concept. (Blox Ventures)
Office building at 6001 Shellmound St. in Emeryville, concept. (Blox Ventures)

San Francisco-based Blox Ventures, acting through an affiliate, bought it through a deed in lieu of foreclosure from a real estate group headed up by Colorado-based Everwest Advisors.

Blox Ventures put itself in position to acquire the property by paying $6.8 million in January to buy the loan from PNC Bank.

6001 Shellmound Street, an eight-story office building in Emeryville, seen in a July 2024 image capture.(Google Maps)
6001 Shellmound Street, an eight-story office building in Emeryville, seen in a July 2024 image capture. (Google Maps)

The 109,300-square-foot eight-story office building was built in 1988, according to commercial real estate database Compstak. It is adjacent to Public Market Emeryville, a popular venue that includes a food court.

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