C
opia Lending has acquired a 105,000-square-foot office building in North San Jose for $23.7 million after its owner, Heritage 10 West Tasman LLC, filed for bankruptcy to avoid foreclosure on a $29 million loan. The lender's affiliate purchased the vacant building at 10 West Tasman Drive, which was once part of Cisco's global headquarters and built in 1997.

    The price paid by Copia Lending is estimated to be the building's value when it took ownership, working out to $226 per square foot. This is a significant drop from its original purchase price of $30 million in 2021, or $286 per square foot. The ownership group had blamed the pandemic shift to remote work for their failure to lease the building.

    The investors filed for bankruptcy in an attempt to avoid foreclosure and loss of the property, citing the pandemic's impact on tenant interest. The assessed value of the building in January was $51.3 million, or $489 per square foot. Copia Lending is based in an undisclosed location, but it's unclear if it's linked to The Copia Group, a lender based in Chicago.