CAMPBELL — An office building in Campbell has been bought by a local real estate investor in a deal that suggests feeble values continue to haunt the Bay Area commercial property sector.
An affiliate controlled by Menlo Land & Capital paid $24.6 million for the office building, which is at 2105 South Bascom Ave. in Campbell, documents filed on May 8 with the Santa Clara County Recorder’s Office show.
Office building at 2105 South Bascom Avenue in Campbell, seen in February 2026. (Google Maps)
This purchase by a Menlo Land affiliate, whose principal officials include Bay Area real estate executive Roger Fields, comes on the heels of a sale of a south San Jose office and research building for $49.5 million by a different affiliate led by Fields.
The three-story office building involved in the deal totals 123,800 square feet. Colliers, a commercial real estate firm, has been seeking tenants for the building.
The just-bought Campbell office building was bought for 59.7% less than its estimated assessed value of $61 million, as calculated for January 2025.
This dynamic suggests that the nosedive in property values for numerous Bay Area office buildings has yet to run its course, even though a growing number of signs have emerged that point to a robust rebound for office leasing activity.
The nosedive in the office building’s value hints that the property might suffer a decline in its assessed valuation. The plunge also has implications for local government agencies and the services they provide.
If real estate values falter in a community, the slump could imperil a crucial revenue stream from property taxes for cities, counties, regional agencies, and school districts.