MOUNTAIN VIEW — A lender has seized through foreclosure a South Bay tech campus once touted as an “exquisite” property in a fresh sign that an economic whirlpool menaces the Bay Area office market.
Put another way, the Ellis Street tech campus is now worth just one-third of its value at the time Goldman Sachs and TMG bought the property almost exactly three years ago. KKR Real Estate Finance Trust provided the Goldman Sachs and TMG Partners alliance $200 million as financing for the five-building office campus.
Defaults on financing for office properties are on the rise in numerous Bay Area markets and a growing number of office buildings have toppled into foreclosure due to loan delinquencies.
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