A north San Jose office building might dodge foreclosure if a bankruptcy plan passes muster and is OK’d.
SAN JOSE — A big north San Jose office building might dodge foreclosure if a federal judge approves a bankruptcy plan that’s being floated to reorganize the empty property’s feeble finances.
The office building is located at 10 West Tasman Drive in north San Jose and totals 105,000 square feet. Copia Lending had intended to auction off the office building through a foreclosure proceeding in April 2024. In the same month, though, the building owner fended off the foreclosure — for now — through the bankruptcy filing.
“This plan proposes to refinance the property,” the bankrupt property owner stated in a court filing on July 2.As of January 2024, the office building’s value was $51.3 million, documents on file with the Santa Clara County Assessor’s Office show.However, the current fair market value is $21.5 million, an exhibit filed with the reorganization plan shows. The building’s owner paid $30 million to buy the property in 2021, according to the bankruptcy court records.
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