Tishman Speyer Properties LP may lose a plot of land in California’s Silicon Valley to Bank of America Corp. after defaulting on an $86.2m loan used to buy the site, people familiar with the matter said.

Tishman Speyer, the New York-based owner of Manhattan’s Rockefeller Center, is in negotiations with the bank about the 41 acres (16.6 hectares) in North San Jose, according to the people, who declined to be identified because the discussions are private.