A prominent and empty office building in Mountain View has tumbled into a default on its loan.
MOUNTAIN VIEW — A prominent and empty office building in Mountain View has tumbled into a default on its loan, fresh evidence that financial woes have widened for the Bay Area’s wobbly commercial real estate market.
“There are many nice buildings like ours sitting vacant,” said Peter Pau, principal executive and co-founder of Palo Alto-based Sand Hill Property Co. The shutdowns chased office workers away from their places of employment. In the wake of this dislocation, employees have returned to the workplace in an uneven and halting fashion.
This is the case with the 590 East Middlefield office building, according to Pau. The section of Mountain View where the building is located is struggling with weak demand for offices and increasing vacancies. “We asked this lender for what I would call minor modifications, without impairing the loan, so we can continue to carry the property and wait out the slow market,” Pau said. “Almost any other lender would have said yes, given the reality of the market and our record as a good borrower.” Negotiations are underway, however.
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