South Bay office building is bought in deal that points to weak values

CAMPBELL — An office building in Campbell has been bought by a local real estate investor in a deal that suggests feeble values continue to haunt the Bay Area commercial property sector.

An affiliate controlled by Menlo Land & Capital paid $24.6 million for the office building, which is at 2105 South Bascom Ave. in Campbell, documents filed on May 8 with the Santa Clara County Recorder’s Office show.

This purchase by a Menlo Land affiliate, whose principal officials include Bay Area real estate executive Roger Fields, comes on the heels of a sale of a south San Jose office and research building for $49.5 million by a different affiliate led by Fields.

The three-story office building involved in the deal totals 123,800 square feet. Colliers commercial real estate executive David Sandlin is seeking tenants for the building, which is known as Lincoln Court.

Pacific Oak Capital Advisors, acting through an affiliate, sold the building, the county documents show.

Newmark commercial real estate executives Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney represented the seller in the deal.

“The sale of Lincoln Court represents another example of increased investor appetite for suburban multi-tenant office," said Najera, a Newmark vice chairman.

The first round of the bidding process for the building attracted at least 15 buyers, according to the Newmark brokers.

“Lincoln Court is a prime example of what investors are looking for in today's market,” Najera said

The Campbell office building was bought for 59.7% less than its estimated assessed value of $61 million, as calculated for January 2025.

This dynamic suggests that the nosedive in property values for numerous Bay Area office buildings has yet to run its course, even though a growing number of signs have emerged that point to a robust rebound for office leasing activity.

The nosedive in the office building’s value hints that the property might suffer a decline in its assessed valuation. The plunge also has implications for local government agencies and the services they provide.

If real estate values falter in a community, the slump could imperil a crucial revenue stream from property taxes for cities, counties, regional agencies, and school districts.

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This story was originally published May 10, 2026 at 1:27 PM.