SAN JOSE — A San Jose workplace constructing that was seized by a foreclosures has landed a purchaser at a reduction in a deal that would lead to decrease rents to draw tenants — and jobs — to the property.
Bay Space actual property agency Menlo Land & Capital paid $9 million for the 75,900-square-foot constructing at 2290 North First St., based on paperwork filed on Aug. 1 with the Santa Clara County Recorder’s Workplace.
The acquisition worth is 56.1% beneath its assessed worth of $20.5 million.
The constructing’s prior proprietor, an affiliate owned by a gaggle tied to Case Swenson, CEO of San Jose-based actual property firm Swenson, misplaced possession of the property in March by a foreclosures after going into default in November 2024.
The lender, Prime Finance Quick Length Holding Co., took possession of the constructing after it foreclosed on the $12 million mortgage it had offered to the Swenson-linked affiliate in 2021, county actual property data present.
Property worth outcomes can have an effect on income for an array of public businesses. Listed here are some current examples of San Jose workplace buildings which have struggled financially:
— 3100 North First St. was foreclosed and seized by its lender at a price of $19 million in Might 2024. It was then purchased for $17.5 million by biotech firm Vibrant Wellness in September.
— 10 West Tasman was taken again by its lender by a foreclosures in October 2024 for $23.7 million, beneath its assessed worth of $51.3 million. The foreclosures occurred regardless of the previous proprietor’s efforts to forestall it by submitting for chapter.
— In June, E Ink Corp. purchased a San Jose workplace constructing at 3200 North First St. for $22.7 million in a deal that provides the agency a big house for its operations. A court-ordered receivership continuing pressured the property to be put up on the market.
