JV Buys San Jose Office Building, Thinfilm To Move In
Lowe Enterprises Investors in a JV with Vista Investment Group has snagged a 92,864 SF office and R&D building in San Jose from Qualcomm. This is LEI’s second acquisition within the last month. The company previously acquired 500 Ygnacio Valley Road in Walnut Creek.
Thin Film Electronics ASA also agreed to a long-term lease at the property, which will serve as the company’s new US headquarters and NFC Innovation Center, beginning March 2017. Thinfilm’s lease includes access to a 22k SF clean room to be used for production of printed electronics and wafer technology. The new facility will allow the company to expand operations and increase production, potentially adding $680M annual revenue.
The 5.4-acre property at 2581 Junction Ave has one- and two-story buildings and is near I-880 and US 101 in North San Jose.
LEI will begin renovations immediately. It will upgrade the building’s interior, landscape and outdoor areas while LEI affiliate Lowe Enterprises Real Estate Group will oversee upgrades and operate the property. It also will provide local acquisition and leasing services.
Peter Morgan, Andy Sands and Alan Chamorro led the acquisition team. The seller was repped by ATREG.
