Posted 12/20/2023, 6:50:27 PM
San Jose Office Building Faces Foreclosure Due to $29 Million Loan Default
- A San Jose office building has defaulted on a $29 million mortgage loan due to struggles in the market
- The 105,000 square foot building at 10 West Tasman Drive is currently empty
- The building was purchased in 2022 for $30 million by a group led by Doo Lee and Joon Kim
- The Bay Area office market has suffered since the 2020 onset of the pandemic, with lower demand from tech companies
- The building may face foreclosure unless the owners can repay the loan or reach an agreement with the lender