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SAN JOSE — Multiple buyers are considering the purchase of a troubled North San Jose tech campus that has been vacant since eBay exited the property six years ago, sources familiar with the situation said.
On North First Street between Component Drive and Trimble Road, the four-building campus totals 250,100 square feet. It has addresses of 2515, 2525, 2535 and 2545 North First St.
Australia-based real estate firm Goodman, which launched a data center project a few blocks away, is among the potential buyers, sources said. Bay Area real estate company Harvest Properties also is actively considering a purchase of the site.
eBay was still paying rent when it departed the campus in 2020. The company’s rental deal, however, enabled it to terminate lease payments in March, Morningstar reported in 2023.
The owner of the complex defaulted on an $88.1 million loan, documents filed on Sept. 23 with the Santa Clara County Recorder’s Office show.
It was the second loan default Deutsche Bank A.G. New York Branch has filed this year against the owner.
In 2018, South Korea-based Hana Asset Management and Southern California-based Ocean West Capital Partners paid $132.5 million for the campus. Fin ancial services and analysis firm Morningstar reported on June 18 that it was worth $54.7 million.
Deutsche Bank filed an initial notice of loan default against the campus in July. Sources said Deutsche Bank decided to pursue a full-fledged foreclosure effort due to the lack of cooperation from Hana Asset Management and Ocean West Capital Partners.
If a foreclosure is fully completed, Deutsche Bank would then turn to an active effort to sell the campus. The unpaid debt for the site is now $98.4 million, county documents show.
In July, the lender reported the unpaid debt was $59.8 million.
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