Two-building office complex with addresses of 2000 and 2010 Crow Canyon Place in San Ramon, seen in 2024. (Google Maps)
SAN RAMON — A big office hub in San Ramon has been seized through a foreclosure that valued the property at less than half of what it was worth seven years ago, in a fresh sign of the nosedive in the East Bay office market.
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The two foreclosed office buildings are located at 2000 and 2010 Crow Canyon Place in San Ramon, according to documents filed on Dec. 4 with the Contra Costa County Recorder’s Office.
The office complex is known as Plaza San Ramon. It consists of two similar buildings that together total 312,000 square feet. Texas-based real estate firm C-III Capital Partners had bought the buildings in 2018 and lost them through the foreclosure.
The loan delinquency that led to the foreclosure of the loan for the San Ramon buildings underscores the financial difficulties that loom over offices in multiple East Bay markets. Rising vacancy rates and soft rents are among the challenges.
Wells Fargo Bank provided the financing for the buildings in 2018. Redus Properties, a Wells Fargo subsidiary, took the office buildings back through the foreclosure, Contra Costa County public documents show.
The office complex is now valued at $30 million as a result of the foreclosure, according to public records. In recent years, Redus has foreclosed on multiple properties in multiple states that Wells Fargo had financed.
The new $30 million value for the offices is 58% below the $72.2 million that C-III Capital paid to buy them in 2018. It’s also 49% below the $59.2 million in unpaid mortgage debt on the buildings at the time of the foreclosure.
It wasn’t immediately clear what Redus and Wells Fargo intend to do with the office buildings in the wake of the foreclosure.
Originally published at George Avalos