Rents at the Madrone Business Park reportedly run about $1.65 to $1.80 sf compared to rents of more than $2 sf in other Silicon Valley locations. Some 660,00-sf of buildings are currently under development on the property, located north of Cochrane Road between Highway 101 and the Monterey Highway, and TBI officials say leasing activity is strong despite the cooling economy.

Paramit's building is now under construction in the park. Construction of a 160,000 sf headquarters campus for San Jose-based Condor Systems is also underway. Additionally, TBI is constructing two office/R&D buildings totaling 100,000 sf and a 400,000 sf campus for the Media Arts Group Inc. Finally, Tharaldson Development of Sacramento is underway at the park on a Courtyard by Marriott, a Marriott Residence Inn and a Chevron Service Station.

Jerry Moison of Moison Investments Co. represented Paramit. The business park developer had in-house representation.