A big office complex in Sunnyvale has staggered into a default on its real estate loan.
SUNNYVALE — A big office complex in Sunnyvale has staggered into a default on its loan, a financial setback that suggests post-coronavirus maladies still afflict the commercial real estate market in the Bay Area.
The financing that has become delinquent totals $63.5 million and was provided by lender LoanCore Capital REIT in 2019, according to the county’s real estate records.The financial difficulties that face the building serve as a fresh example of the unforeseen and cataclysmic economic woes that were spawned by the onset of the coronavirus in early 2020.
The modernized campus features flexible spaces and offices with easy access to outdoor areas to promote wellness and a healthy work environment. The property is geared toward tech companies that are seeking creative places for people to work.But severe economic challenges have emerged for the Bay Area office market in the wake of the tech industry’s moves to chop jobs in the region and cut back the size of their work footprints.
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