SiliconBeat

A 41-acre plot of land in north San Jose described as one of the few relatively large pieces of undeveloped land left in Silicon Valley  is reportedly on the verge of being forfeited by Rockefeller Center owner Tishman Speyer Properties as it defaults on an $86.2 million loan from Bank of America used to buy the site, according to a Bloomberg News report citing people familiar with the matter.

The land sits just northwest of the headquarters of eBay’s PayPal unit (pictured) at 2211 N. 1st St. in San Jose. Tishman Speyer bought the parcel, called Campus @ North First Street, from software maker BEA Systems in March 2007 and planned to build an office park with 2.8 million square feet in several phases, according to the Bloomberg report by Hui-yong Yu.  BEA Systems was acquired by Oracle in 2008.

The report said the land was assessed at $110.2 million for 2008, according to the Santa Clara County Assessor’s Office. David Ginsborg, a deputy to Assessor Larry Stone told Bloomberg that the county plans to reduce assessments on about 650 commercial and industrial properties as of July 1.