Bay Area

Holy Names University Hires Real Estate Firm to Sell Campus for High-End Housing

Leaving many students, faculty and Oakland residents feeling betrayed, Holy Names University’s leadership is aggressively moving ahead with plans to sell the 60-acre campus in the Oakland hills for high-end private residences and have not been willing to work with city leaders and other universities that are reaching out to save the site as a center for higher education.

Published

4 years ago

March 22, 2023

Oakland Post

Ad created by CBRE Marketing.

By Ken Epstein

In a reply to a recent letter to Vice Mayor Rebecca Kaplan, Jeanine Hawk, HNU’s vice president for finance and administration, wrote that HNU has already placed the property on the market through real estate broker, Mike Taquino at CBRE marketing, to market the property and is already distributing marketing materials offering the campus for sale.

Responding to Kaplan’s offer to collaborate with HNU to save the campus for educational purposes, Hawk replied, “At this point it is unclear to HNU how the City of Oakland can assist with the process of achieving the objectives of obtaining the highest and best use of the HNU property for public good.”.

“Nevertheless, if the city is aware of any interested acquirer or successor entity, please provide that information to Mike Taquino or to me,” she wrote.

She added that HNU had sent letters to Historically Black Colleges and Universities (HBCUs) so see if they might be interested in establishing a campus on the West Coast.

The CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm. The term “highest and best use” is used in the real estate industry as expression of seeking to sell a property for its highest possible value.

Hawk did not mention the universities that have expressed interest in collaborating with Holy Names nor the university’s lender, Preston Hollow, which has also offered to find solutions other than selling the campus to a real estate developer.

Campus leaders at Holy Names and members of the Oakland community were stunned by the announcement of HNU’s latest moves to dispose of the campus,

“It’s too bad I don’t believe my own rhetoric sometimes,” said activist and scholar, Kitty Kelly Epstein. “I’ve been saying for some months that it seemed like the chair of the Holy Names Board was actually trying to sell the campus to real estate developers, and that’s why he refused to meet with any of the elected officials and city leaders who have offered help in keeping Holy Names open as a college campus.

“So – guess what? Now the marketing materials are out to sell the campus, while our trusting students, many from Oakland, are tossed out with hundreds of thousands of dollars of debt and no college degree. It’s more evil than even a suspicious person like me can wrap my mind around.”

“I’m shocked,” said a HNU faculty member when hearing the news about the real estate developer.

A Holy Names student leader said, “Students are furious. They are afraid that Holy Names will be sold to a private developer.”

Said Councilmember Carroll Fife, “As an alumnus of Holy Names University, I am deeply disappointed the administration refuses to work with city leaders to ensure the campus can continue to be an important resource for Oakland but insists on selling the campus for maximum profit. I’m most concerned for students and faculty. I hope Oakland residents will make it clear that preserving this campus for generations of future students is more important than enriching a developer.”