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

BioSquare Silicon Valley, a San Jose office campus marketed for tech and biotech companies, has been seized through foreclosure by Los Gatos-based South Bay Development Co. The firm paid $50 million, 65% below the $144.5 million paid in 2018, after a $207 million loan from Pimco fell into default with $167.9 million unpaid. The property was revamped in 2024 but remains largely vacant. The foreclosure underscores sharply lower values for San Jose office properties.

Source

East Bay Times

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 East Bay Times. Read the original article →