Roger Fields’ Firm Buys First Campbell Property

A Silicon Valley office building just traded hands at a steep discount, underscoring how far Bay Area office values still have to fall even as leasing activity shows signs of life.

Peninsula Land & Capital acquired Lincoln Court, a 123,800-square-foot office property at 2105 South Bascom Avenue in Campbell, for $24.6 million, or roughly $199 per square foot, the Silicon Valley Business Journal reported, citing documents filed with the Santa Clara County Recorder’s Office. The seller was an affiliate of Pacific Oak Capital Advisors.

Lincoln Court was purchased for 59.7 percent less than its January 2025 assessed value of $61 million. The three-story building drew the interest of at least 15 potential buyers during the first round of bidding, signaling “increased investor appetite for suburban multi-tenant office,” Newmark’s Edmund Najera, who represented the seller, said of the transaction.

The buyer is linked to Bay Area real estate executive Roger Fields, whose affiliates have been active in recent South Bay acquisitions despite the sector’s ongoing distress. The Campbell purchase follows another recent Fields-led deal involving a south San Jose office and research building sold earlier this month by a Peninsula Land & Capital affiliate to South Korean tech company SK Hynix for $49.5 million, Mercury News reported.

Lincoln Court’s valuation haircut reflects a broader recalibration underway across the Bay Area office market, where higher interest rates, soft tenant demand and elevated vacancies continue to weigh on pricing. While office leasing in Silicon Valley has shown signs of recovery in recent quarters, investment sales point to continued unease among some buyers. Deeply discounted trades like the Campbell sale are also likely to pressure future tax assessments, creating another headache for local governments already grappling with shrinking commercial property revenues.

Peninsula Land & Capital’s acquisition of Lincoln Court marks the company’s first purchase in the South Bay city. The Palo Alto-based commercial real estate investment firm specializes in office and research and development buildings across the Bay Area.

— Chris Malone Méndez