Leasing sign next to a four-building office and research campus with addresses of 2515, 2525, 2535 and 2545 North First Street in north San Jose, seen on July 29, 2026. (George Avalos/Bay Area News Group)
SAN JOSE — A tech campus in North San Jose once leased by eBay has tumbled into a loan default, documents filed July 29 with the Santa Clara County Recorder’s Office show.
The owner of the office complex on North First Street between Component Drive and Trimble Road defaulted on an $88.1 million loan, documents show.
The four-building tech hub has addresses of 2515, 2525, 2535 and 2545 N. First St. It totals 250,100 square feet.
In 2018, South Korea-based Hana Asset Management and Southern California-based Ocean West Capital Partners paid $132.5 million for the campus.
Deutsche Bank A.G. New York Branch provided a Hana Asset and Ocean West affiliate with the loan that is now in default, according to property files.
The office complex has been empty since eBay exited the property in 2020, after first moving to the site in 2011.
The company was still paying rent when it departed. eBay’s rental deal, however, enabled it to terminate lease payments in March 2026, financial services and analysis firm Morningstar reported in 2023.
The property’s value has plummeted, Morningstar reported on June 18. The office complex has a value of $54.7 million, which would be 59% below what the current owners paid for the site in 2018.
A foreclosure could occur within a few months unless the current property owners can find a buyer willing to purchase the site for a price that can cover the delinquent loan.
“The borrower is awaiting best and final offers while the servicer proceeds with a foreclosure,” Morningstar stated in its report.