SAN JOSE — A big office building in San Jose has been bought for a price that points to an unrelenting nosedive in values for commercial properties in the Bay Area.
The building, located at 2125 O’Nel Drive next to the PayPal headquarters, was bought for $15 million by an affiliate controlled by BH Properties, according to documents filed on May 9 with the Santa Clara County Recorder’s Office.
By happenstance, an affiliate of BH Properties also owns the iconic former campus of Holy Names University in the Oakland hills, a vast site the real estate investment firm bought in 2023 for $65 million…