Oakland tower bought at a discount after foreclosure
OAKLAND — A mixed-use 11-story historic tower in downtown Oakland was bought at a relatively hefty discount more than a year after it was foreclosed due to a failed real estate loan.
Bay Area real estate investor Edward Hemmat, through an affiliate, purchased The Leamington at 1814 Franklin St. for $14.4 million, 58.3% less than its prior value, according to documents filed on March 2 with the Alameda County Recorder’s Office.
Hemmat has invested in other Oakland properties, including a $2.2 million purchase in 2023 of the Palace Theater at 1445 23rd Ave. in the San Antonio neighborhood. Bay Area Technology School is operating at the site.
The Leamington was taken back by lender CIT Bank in January 2025 through a deed in lieu of foreclosure. A subsidiary of the bank valued the tower at $34.5 million at the time of the foreclosure, county documents show.
Famed aviator Amelia Earhart once occupied an office in The Leamington as she planned what turned out to be her final and fatal journey, according to multiple sources.
While the tower at the corner of Franklin Street and 19th Street now consists of offices and ground-floor retail spaces, it was originally a hotel and quickly became a notable downtown landmark.
“The Leamington Hotel was considered an architectural masterpiece when it opened its doors to traveling business executives in 1926,” stated a post on the Local Wiki website. “The luxurious Spanish-style hotel was designed by architect W. H. Weeks.”
In 1987, the tower was designated an Oakland landmark.
“Opulent social gatherings for wealthy Oakland residents were among the frequent events conducted at the Leamington,” Local Wiki stated.