{"id":4812,"date":"2026-07-18T14:10:47","date_gmt":"2026-07-18T14:10:47","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=4812"},"modified":"2026-07-18T14:10:47","modified_gmt":"2026-07-18T14:10:47","slug":"san-jose-office-building-linked-to-wework-founder-flops-into-default-over-failed-loan","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=4812","title":{"rendered":"San Jose office building linked to WeWork founder flops into default over failed loan"},"content":{"rendered":"
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SAN JOSE \u2014 A downtown San Jose property linked to the co-founder of WeWork and once part of a plan to convert the office building to housing tumbled into default due to a failed loan, documents show.<\/p>\n

Read more Newsom administration sues Half Moon Bay, escalating state housing crackdown<\/a><\/p>\n

The nine-story building at 152 North Third St. and next to St. James Park defaulted on a $45 million loan that was issued in 2021, documents filed on July 15 at the Santa Clara County Recorder\u2019s Office show.<\/p>\n

The building is owned by a group controlled by Nazare Capital Management, whose principal executive and founder is Adam Neumann, co-founder of WeWork. The site totals 130,700 square feet, a property brochure states.<\/p>\n

At the time of the default, the Neumann-linked group owed $37.5 million.<\/p>\n

The group paid $44 million to buy the building in 2018, county documents show. The office hub is mostly empty, except for Freshly Baked Eatery, a sandwich shop on the ground floor.<\/p>\n

Read more San Jose State football will face challenges in new-look Mountain West<\/a><\/p>\n

It was never clear what Neumann\u2019s group intended to accomplish with its ownership of the building.<\/p>\n

In 2025, plans were floated to convert the building\u2019s office spaces into residential units. A preliminary proposal envisioned 133 apartments, with residences on every floor of the structure.<\/p>\n

Read more British Open: DeChambeau penalized 2 shots after Herbert and Burns shoot 62s in wild 2nd round<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A prominent downtown San Jose office building that is linked to the co-founder of WeWork has tumbled into default due to a failed loan, fresh evidence that economic maladies still afflict the Bay Area’s commercial property markets.<\/p>\n","protected":false},"author":1,"featured_media":4811,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nSan Jose office building linked to WeWork founder flops into default over failed loan - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=4812\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"San Jose office building linked to WeWork founder flops into default over failed loan - 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