Semiconductor Company Leases 92K SF Office In San Jose
The lease is described as long-term by the property owner, according to SiliconValley.com.
Chip designer Arm previously occupied the space, according to reporting from The Real Deal, but exited via an early lease termination. Cushman & Wakefield represented ON Semiconductor in the transaction, while Drawbridge represented itself.
As investor interest in office space continues to trickle out of San Francisco and into San Jose and Silicon Valley, office acquisitions in the South Bay are on the rise, often doubling in profits from sales made two to three years ago. Tishman Speyer recently doubled its investment on the sale of a Meta-leased campus in the South Bay.
Drawbridge Realty purchased the 315K SF property in 2019 for $128M from development company Shorenstein Properties. Shorenstein purchased the building in 2015 for $70M, then implemented several renovations following its purchase.
"We are pleased with the success of the enhancements made across the property and believe the project illustrates our firm's ability to reposition and add value to our properties,” Shorenstein Senior Vice President of Capital Transactions said in a statement announcing the 2019 sale.