A big office complex in Sunnyvale that could be replaced by housing has been seized by its lender.
SUNNYVALE — A big office complex in Sunnyvale that could be replaced by housing has been seized by its lender, a foreclosure that suggests the Bay Area’s office market remains feeble.
Loancore Capital REIT took back the office complex through a foreclosure that valued the property at $57.3 million, documents filed on May 15 with the Santa Clara County Recorder’s Office. The struggling office market could benefit from a housing conversion because the currently empty square footage would be removed from the office building inventory in Santa Clara County and no longer contribute to local vacancies.
The attempt to replace the offices with housing are an example of the new ways that real estate firms are attempting to cure the coronavirus side effects. Embarcadero Capital, one of the Bay Area’s top-notch and veteran real estate firms, bought the big three-story office complex in 2016. In 2020, Embarcadero Capital launched a complete modernization of the buildings.
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