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3/26/24
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Intermolecular has signed a long-term lease extension for a 146.2k sf R&D building in North San Jose. The company has occupied the property, located at 3011 N First St, for well over a decade.
Intermolecular is an affiliate of Merck KGaA, Darmstadt, Germany, a leading science and technology company. Intermolecular explores, tests, and develops advanced materials for semiconductor devices and electronic applications. With unique capabilities in rapid material screening, in combination with the company’s R&D pipeline, Intermolecular accelerates materials innovation to pioneer next-generation technologies together with customers and partners.
The property is owned by Cannae Partners, a San Francisco-based real estate investment company led by Jamin Seid and Bob Basso, and Chicago-based Blue Vista Capital Management. The venture acquired the asset in June 2021.
Situated on more than nine acres, 3011 N First Street is strategically located directly across the street from a Light Rail station. The property provides access to an abundance of retail, dining and shopping amenities within walking distance or a short drive, as well as convenient access to several major roadways, including Montague Expwy, Highway 101, Interstate 880 and SR 237. The property also sits in close proximity of the Milpitas BART Station and San Jose International Airport. Additionally, the property lies in the heart of San Jose’s TEC Transit Employment Center, a zoning designation intended for intensive industrial park and supportive commercial uses.
Cushman & Wakefield’s Todd Beatty, Steve Horton and Kelly Yoder represented the ownership in the transaction. JLL’s Bret Yerkovich and Grant Dettmer repped the tenant.
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