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.Of the 315 units, 252 would be market-rate townhouses and 63 would be affordable apartments set aside for low-income residents. The revamp of the Sunnyvale office center occurred at a time when tech companies were engaged in big expansions of their footprints.
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