San Jose Tasman Drive Office Loan: $80M, Foreclosure Filing

An $80 million loan on a three-building office and R&D complex at 190, 210 and 230 Tasman Drive in San Jose matured on August 6, 2026 and went to special servicing in May, and the servicer says foreclosure is being filed. The details are in the October servicer report for COMM 2016-COR1 Mortgage Trust, filed October 26.

Why it matters

The complex totals 287,371 square feet. The servicer says the borrower signed a direct lease with Archer Aviation for buildings 190 and 210, through September 2027, covering 191,887 square feet. A lease running to September 2027 on most of the space is short next to a loan that has already matured.

The numbers

The balance is $80 million. The report shows an appraisal of $111.48 million dated August 28, 2026, net operating income of $12.8 million and a debt service coverage ratio of 4.13 as of June 30, 2026. Building 230, at 95,484 square feet, is now vacant after the borrower agreed to end Itron’s lease effective April 30, 2026 to make room for the Archer lease; Itron’s lease would have expired September 30, 2026. Archer’s lease on buildings 190 and 210 covers about 66.8 percent of the complex’s square footage, which leaves roughly a third of the complex, building 230, without a tenant today.

What’s next

The servicer says the borrower asked for a modification to buy time to negotiate a longer Archer lease and backfill building 230, discussions are ongoing, and foreclosure is being filed now that the loan has matured. These are servicer statements. A recorded notice of default or a closed modification would be the next confirmed step. For more, see the San Francisco market hub.