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

SAN JOSE BioSquare Silicon Valley, a San Jose office campus touted as a hub for up-and-coming tech and biotech companies, was officially seized by a Los Gatos-based real estate firm that foreclosed on the property s failed loan. The tech park is now owned by South Bay Development Co., which initially attempted a speedy property transfer but eventually had to take control of the campus through a full-fledged foreclosure. South Bay Development Co. paid $50 million for the campus as a result of the foreclosure proceeding, documents filed on Oct. 29 in Santa Clara County show. The foreclosure indicates that the property s value has nosedived in recent years. The latest price is 65% below the $144.5 million that a group led by real estate firm PCCP paid in 2018. In 2022, the real estate venture landed $207 million in financing from investment management firm Pimco. The unpaid debt at the time of the foreclosure was $167.9 million. Pimco s affiliate assigned the $207 million loan to United