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10/27/15
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NETGEAR Inc has agreed to renew its 142.7k sf office space in San Jose. The company is located at 350 E. Plumeria, west of I-880 and south of Montague Expwy, just off Zanker Rd.
The global networking company signed a 10-year lease. Although we don’t know the deal value, from what we understand the asking rate at the building is around $1.75/sf/mo NNN, which would multiply out to about $30 mil.
Built in 1984, the structure contains 142.7k sf of space over two floors. The building is nestled between three freeways, the 101, 830 and 237, and is within walking distance of the VTA Orchard Light Rail Station.
The property’s layout allows for a broad array of uses including office, high-tech manufacturing and assembly. The design of the building allows it to accommodate either multiple- or single-tenant occupancies. The property site totals approximately 8.11 acres and its parking can accommodate 503 vehicles.
Mike Courson from Newmark Cornish & Carey represented NETGEAR Inc. The networking company delivers products to consumers, businesses and service providers. The firm’s product line consists of devices, such as network attached storage, Internet protocol security cameras and home automation devices and services.
The building is owned by KBS Real Estate Investment Trust II, a public, non-traded real estate investment trust based in Newport Beach. They were repped by CBRE.
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