{"id":401234,"date":"2026-07-16T20:51:11","date_gmt":"2026-07-16T20:51:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/401234\/"},"modified":"2026-07-16T20:51:11","modified_gmt":"2026-07-16T20:51:11","slug":"prominent-san-jose-office-building-flops-into-default-over-failed-loan-2","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/401234\/","title":{"rendered":"Prominent San Jose office building flops into default over failed loan"},"content":{"rendered":"

\"ANine-story office building at 152 North Third Street in downtown San Jose, seen in 2018.\u00a0(George Avalos\/Bay Area News Group)<\/p>\n

SAN JOSE \u2014 A downtown San Jose office building linked to the co-founder of WeWork and once part of a plan to convert it to housing tumbled into default due to a failed loan, documents show.<\/p>\n

The nine-story building at 152 North Third St. and next to St. James Park<\/a> defaulted on a $45 million loan that was issued in 2021, documents filed on July 15 at the Santa Clara County Recorder\u2019s Office show.<\/p>\n

The building is owned by a group controlled by Nazare Capital Management, whose principal executive and founder is Adam Neumann, co-founder of WeWork. The site totals 130,700 square feet, a property brochure states.<\/p>\n

At the time of the default, the Neumann-linked group owed $37.5 million, which suggests that some payments have been made since the loan began.<\/p>\n

The group paid $44 million to buy the building in 2018, county documents show. The office hub is mostly empty, except for Freshly Baked Eatery, a sandwich shop on the ground floor.<\/p>\n

It was never clear what Neumann\u2019s group intended to accomplish with its ownership of the building.<\/p>\n

In 2025, plans were floated to convert the building\u2019s office spaces into residential units. A preliminary proposal envisioned 133 apartments<\/a>, with residences on every floor of the structure.<\/p>\n","protected":false},"excerpt":{"rendered":"Nine-story office building at 152 North Third Street in downtown San Jose, seen in 2018.\u00a0(George Avalos\/Bay Area News…\n","protected":false},"author":2,"featured_media":401235,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[184,387,7,8,3010,4978,181,23,100,388,88,90,89,198,200],"class_list":["post-401234","post","type-post","status-publish","format-standard","has-post-thumbnail","category-san-jose","tag-bay-area","tag-business","tag-california","tag-california-news","tag-commercial-real-estate","tag-downtown-san-jose","tag-latest-headlines","tag-local-news","tag-news","tag-real-estate","tag-san-jose","tag-san-jose-headlines","tag-san-jose-news","tag-santa-clara-county","tag-south-bay"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/401234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=401234"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/401234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/401235"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=401234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=401234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=401234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}