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5/01/08
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A spate of seven recent industrial leases in the last 60 days – each for at least 100k sf of space – has led to over 1.2 msf of absorption in Silicon Valley. The companies involved in these recent transactions include FedEx Ground Package System, Citrix Systems, Data Domain, Supermicro Computer, XenoPort, ASUS Computer International and Philips Electronics North America. NoCal-based Sobrato Development was the property owner in all of the deals except for the FedEx Ground and Super Micro Computer leases. Colliers International represented at least one of the parties in all of these transactions.
Topping the list at 320.9k sf is the planned FedEx Ground expansion at 8333 Central Ave in Newark, the former corporate headquarters for Ross Stores. The shipping company leased the entire building plus 6.16 acres of vacant adjacent land. The 10-year lease "is believed to be the largest industrial lease transaction completed so far this year in the Bay Area", said Greig Lagomarsino of Colliers International, who repped the landlord, LBA Realty.
Lagomarsino and partner Todd Severson were also a part of the Supermicro Computer deal, a 246.5k sf expansion at Bayside Business Park, located at 48350 Fremont Blvd in Fremont. Lagomarsino and Severson were a part of the Pinole Point Properties landlord representation team, while Colliers San Jose brokers Mike Rosendin and Dion Campisi represented Supermicro Computer, a designer of high-end motherboards and servers.
Also in Fremont, ASUS Computer International signed a long-term lease for 152.7k sf of industrial space at 800 Corporate Way. The facility will serve as the ASUS Computer Inc’s US Headquarters. ASUS is a leading provider of 3C (computers, communications and consumer electronics) total solutions. In 2006, ASUS shipped 55 million motherboards, which means that one in three desktop PCs sold that year was powered by an ASUS motherboard. They were represented by Colliers International’s Terry Bell and Joe Elliott.
Citrix Systems is expanding their presence in the region with a new, 140.9k sf lease at 4980 Great America Pkwy, adding to their current sublease from Terayon Communication and Sobrato Development for 141k sf of space at 4988 Great America Pkwy. This gives them a total of 281.9k sf of space. Jim Abarta of Colliers International handled negotiations for Citrux in both deals.
Abarta also represented Data Domain on a 100.3k sf expansion with Sobrato at 2441 Mission College Blvd in Santa Clara. In July of 2007, Data Domain leased an initial 100.1k sf of space from Sobrato at 2421 Mission College Blvd, for its new headquarters. The additional space, located next door, is not expected to be occupied until January of 2009.
Also in Santa Clara, XenoPort Inc signed a new lease for 58.7k sf of space at 3400 Central Expwy in addition to a renewal for 102.8k sf at 3410 Central Expwy. Colliers’ Craig Fordyce repped XenoPort in both deals with landlord Sobrato Development.
And in San Jose, Philips Electronics North American Corporation leased 107.5k sf of space at 3860 North First St. John McMahon, Steve Prehm and Greg Galasso of Colliers International represented Philips in the transaction, with Sobrato.
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