A building in Tasman at North First, a 13.3-acre office campus in San Jose, has entered bankruptcy just days before a scheduled foreclosure sale, The Real Deal has learned.
The property, at 10 West Tasman Drive, is a two-story, 105,000-square-foot building near the corner of West Tasman Drive and North First Street. It is part of a three-building research-and-development campus that also includes 80 West Tasman Drive and 125 Rio Robles. The other buildings in the complex are owned by a different entity and are not part of the bankruptcy.
The owner of 10 West Tasman, a limited liability company called Heritage 10 W Tasman, was issued a default notice last month, property records show. The LLC is managed by investor DH Daehyun Kang. At the time that the default notice was issued, Copia Lending claimed that Heritage had fallen behind on $21.7 million in debt.
Heritage filed for bankruptcy on April 5, three days before a scheduled foreclosure sale on April 8, according to documents filed in California’s Northern District bankruptcy court. In the filing, the entity declared $22.7 million in unsecured claims, the biggest pieces of which are a $21.8 million lien from Copia Lending and a $669,516 property tax bill.
In 2021, semiconductor equipment manufacturer ASML signed a lease that covered one floor at 80 West Tasman Drive and the entirety of 125 Rio Robles and 10 West Tasman Drive. Two years later, the firm amended its lease to vacate its space at 10 West Tasman and move into the two other buildings in the complex, TRD reported at the time. ASML’s leases at the campus run through 2029 and 2030, according to a previous report from the Silicon Valley Business Journal.
Tasman at North First was built in 1997 as part of Cisco’s global headquarters. Cisco sold the campus to DivcoWest for $50 million in 2018. DivcoWest quickly offloaded the site, reportedly selling the campus to South Korean investment company Soulbrain Holdings for $160 million two years later. Heritage acquired 10 West Tasman in November of 2022, property records show.
Heritage and Kang could not be reached for comment.