Cassidy Turley CPS Significant Deals – May 17, 2011

Published on May 17, 2011

Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today.....

Spec Investor, Cannae Partners, Buys 100,375 SF Building in NSJ for Nearly $10 Million from Micron Technology
May 17, 2011 – Erik Hallgrimson and Eric Fox with Cassidy Turley CPS along with Craig Fordyce of Colliers International have represented buyer Cannae Partners and its investment partner J.P. Morgan Asset Management in the speculative investment acquisition of a 100,375-square-foot Class A R&D building in North San Jose for $9,950,000 ($99 per square foot). The seller was Micron Technology, a world-leading semiconductor company, which has owned the property located at 2125 O’Nel Drive since mid 1999 and agreed to leaseback the entire building from Cannae Partners for two years. However, Micron Technology is currently not occupying the building nor does it plan to in the upcoming two years.

Hallgrimson, Fox and Fordyce have also been retained as the new listing agents on behalf of Cannae Partners and will immediately begin marketing efforts of 2125 O’Nel on a for-lease basis. Despite the current in-place leaseback from Micron, the building can be made available for a new tenant now if the right deal should come along. The two-story freestanding building is situated within San Jose’s most reputable high-tech area and is conveniently located near the San Jose International Airport and provides easy access to Highway 101 and Highway 87.


Four Corners Properties Purchases 103,000 SF Building in Santa Clara; Repositioning as Class A Asset

May 17, 2011 –Erik Hallgrimson and Brandon Bain with Cassidy Turley CPS represented buyer Four Corners Properties in the investment purchase of a 103,000-square-foot freestanding R&D/flex building on ±4 acres in Santa Clara for an undisclosed price. The two-story building is located at 3175 Bowers Avenue and consists of ± 70,000 square feet on the first and second floors plus 30,000 square feet of additional basement space.  It was fully vacant at the time of sale and Four Corners will be repositioning the asset as a Class A office development with a brand new curtain wall of glass.  3175 Bowers is well positioned at a highly visible location at the SEC of Bowers Avenue and Scott Boulevard and provides convenient access to Highway 101, Central Expressway and San Tomas Expressway.  The seller was Bowers Street, LLC. 


Developer Buys Land Just Outside Boulder, CO; Strikes Subsequent Long-Term Lease with Oncore Manufacturing for 58,800 SF B-T-S

May 17, 2011 –Bob Fernandes with Cassidy Turley CPS brokered both the sale of a ±5.2 acre site and also the subsequent lease of a newly planned build-to-suit manufacturing facility on the site that is located just outside Boulder, CO.  In the sale transaction, Fernandes represented the buyer, Longmont OCM, which acquired the vacant acreage of land situated in the city of Longmont, about 10 miles north of Boulder.  In the subsequent transaction, Fernandes represented tenant Oncore Manufacturing, LLC in its long-term lease of a 58,000-square-foot build-to-suit manufacturing facility that will be developed on the site by Longmont OCM. Fernandes was involved in all facets of these transactions, including assisting in the design of the build-to-suit facility.


Clearwell Systems More Than Doubles Occupancy at Mountain View Technology Park

May 17, 2011 – Colin Feichtmeir and Steve Horton with Cassidy Turley CPS represented landlord Boston Properties in its lease expansion of existing tenant Clearwell Systems at the Mountain View Technology Park. Clearwell Systems inked a lease for an additional 23,213 square feet of space, bringing its total occupancy to 40,463 square feet in the Park. Clearwell Systems is located at 500-510 Logue Avenue.


Vocera Grows Occupancy at Toeniskoetter Development’s Class A Building in San Jose

May 17, 2011 – Steve Pace, Erik Hallgrimson and Jon DeCoite with Cassidy Turley CPS represented landlord Toeniskoetter Development in the lease expansion of existing and primary tenant Vocera Communications at its two-story Class A R&D/office building located at 525 Race Street in San Jose. Vocera, a wireless communications device company, expanded into an additional 14,125 square feet on the ground floor bringing its total occupancy to 60,520 square feet in the nearly 73,000-square foot building. Vocera had been operating out of roughly 46,395 square feet since it moved in late 2007. 525 Race Street is located across from Parkmoor Light Rail Station and is adjacent to Willow Glen. It provides convenient access to freeways 101, 280, 87 and 880. 


Websense Expanding into 19,362 SF Building at Well Located University Park in Los Gatos

May 17, 2011 – Maryanna McSwain, Erik Hallgrimson and Meghan Sandlin with Cassidy Turley CPS represented property owner Boccardo Corp in the lease of a 19,362-square-foot office building at University Park in Los Gatos. The tenant is Websense, Inc., which will be shifting and expanding from an adjacent 15,000-square-foot building located within the same Park at 973 University Avenue over to its new, larger building at 983 University Avenue (Building A). University Park is a five-building multi-tenant project well located in the West Valley region of Silicon Valley near Vasona Park. Websense is a global leader in unified Web, data, and email content security.


DVR Inventor, Roku, Renews/Expands Headquarters at Saratoga Office Center

May 17, 2011 – Maryanna McSwain, Brandon Bain and Erik Hallgrimson with Cassidy Turley CPS represented landlord Sand Hill Properties in the lease expansion of existing tenant Roku, Inc. at the Saratoga Office Center in Saratoga. Roku renewed on roughly 16,815 square feet of space and expanded into 15,157 square feet, bringing its total HQ occupancy to 31,972 square feet. Founded in 2002, Roku is the inventor of the digital video recorder (DVR) and a market leader in streaming entertainment devices for the TV with over 1 million units sold.


Antibody Solutions Relocating from Mt View to Sunnyvale; Signs Lease for 13,200 SF Building Off Highway 237

May 17, 2011 – Gregory M. Davies, Wendy Roberts and Steve Horton with Cassidy Turley CPS represented landlord Perez Properties in its lease of a 13,200-square-foot freestanding building located at 1130 Old Mountain View-Alviso Road in Sunnyvale. The tenant is Antibody Solutions, a provider of quality antibody development, antibody manufacture and immunoassay development, which will take occupancy in July.  The single-story building will provide Antibody Solutions with excellent exposure and signage off of Highway 237. Antibody Solutions is relocating/expanding from approximately 11,600 square feet in a building on Charleston Road in the neighboring city of Mountain View that Google acquired a few years ago.


NTH Connect Relocates to Other Dollinger Project in NSJ, Bering/Zanker Business Park

May 17, 2011 – Steve Pace and Dan Hollingsworth with Cassidy Turley CPS represented landlord Dolling Properties in its new 10,563-square-foot R&D lease agreement with tenant NTH Connect Telecom, Inc. at the Bering/Zanker Business Park in North San Jose. The space is located at 2371 Bering Drive. NTH Connect is relocating from another of Dollinger’s nearby projects in North San Jose, Koll Park. Bering/Zanker Business Park is composed of five high-image, multi-tenant office/R&D buildings.


General Dynamics Signs New Office Lease at First Franklin Plaza, North San Jose

May 17, 2011 – Erik Hallgrimson, Jon DeCoite and Steve Pace with Cassidy Turley CPS represented property owner Toeniskoetter Development in a new lease of 8,554 square feet of Class A office space at the First Franklin Plaza in North San Jose. The tenant is General Dynamics Itronix, Corp., which took a portion of the third floor. First Franklin Plaza is a six-story, Class A office building located at 2150 North First Street, in the heart of the Golden Triangle and directly across from eBay. It is adjacent to light rail and nearby Highways 101 and 87 and the San Jose International Airport.


ELS Language Centers Adding New School at Oaks Shopping Center in Cupertino

May 17, 2011 – Bob Simpson and Todd Beatty with Cassidy Turley CPS represented tenant ELS Language Centers in the lease of 8,134 square feet of space at 21269 Stevens Creek Boulevard in Cupertino. The space is part of the Oaks Shopping Center, which is located at the Stevens Creek Boulevard and Highway 85 junction, across from De Anza College. ELS Language Centers is an industry leader in English language instruction—offering many English as a Second Language programs—with more than 50 schools (mainly on University campuses) across the country. The Oaks Shopping Center is owned by Modena Investment, LP.

Cassidy Turley CPS provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.

Mark Bollozos

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