SAN JOSE >> An office building in San Jose was bought at a price that’s far less than its prior value, according to documents filed on Feb. 14 with the Santa Clara County Recorder’s Office.

LBA Realty, acting through an affiliate, paid $18.5 million for the building at 3550 North First St., documents show. The price is about 42% below the most recently available value for the building of $31.7 million as reported for January 2024 by the Santa Clara County Recorder’s Office.

Analog Devices, a semiconductor company, sold the building to the LBA Realty affiliate. LBA bought the building through an all-cash deal, according to property documents.

At the time of the transaction, the building was being marketed for sale or lease by Cushman & Wakefield commercial real estate brokers Scott Prosser and Jack DePuy, according to a brochure.

The building totals 76,700 square feet, marketing materials show. The office structure is part of a 5.9-acre lot at the corner of North First Street and Baypointe Drive.

Soaring vacancy rates, slumping rents, and plunging property values now haunt the once-robust Bay Area office market. Some of the financial woes are severe enough that a growing number of office buildings have flopped into loan delinquencies or even foreclosures.