Los Gatos real estate firm forecloses on San Jose tech hub BioSquare for $50 million

South Bay Development Co. has taken ownership of BioSquare Silicon Valley through a foreclosure, paying $50 million, according to Santa Clara County records filed Oct. 29. The San Jose office campus, previously owned by a PCCP-led group, had $167.9 million in unpaid debt from a 2022 Pimco loan. The price is 65% below the $144.5 million paid in 2018. The campus, revamped in 2024 to attract tech and life sciences tenants, has remained mostly empty.

Source

The Mercury News

Real estate firm completes foreclosure of loan for San Jose tech hub

A San Jose tech and biotech campus has been seized through a foreclosure of its failed loan.

Summarised from The Mercury News. Read the original article →