Big Concord office building topples into loan default as market flops

A loan default on Sutter Square, a nine-story office building in downtown Concord, signals a weakening Bay Area commercial property market. The owner defaulted on a $25.2 million loan, leading to potential foreclosure by Banc of California. The bank has filed a lawsuit to appoint a receiver to manage the property after the loan matured in January 2024. The situation worsened with the departure of Cubic Transportation System, the largest tenant, which vacated nearly 23,000 square feet. The receiver is now seeking new tenants.