Mission West Properties, Toeniskoetter & Breeding, Inc. (TBI) Development and The Berg Group are the owners of the 110-acre, 1.5 million-sf, industrial and commercial business park, which extends from Highway 101 to Monterey Road at Cochrane Road.
The building for Paramit is adjacent to two new buildings totaling 160,000 sf that TBI built for Condor Systems and completed in October 2001. Both Paramit and Condor Systems have moved to Morgan Hill from San Jose.
"With a reverse commute from the north and little traffic congestion from the south, Morgan Hill has become an extremely attractive Silicon Valley location," says Brad Krouskup, President of TBI. "Many employers locating here assume that many of their employees will eventually live near the city or in areas to the south. The balance will benefit from a reverse commute."
Last summer, TBI completed three buildings in the Madrone Business Park totaling 350,000 square feet for the new headquarters of Media Arts Group Inc., which manufactures and markets the art works of Thomas Kinkade and others. A Courtyard by Marriott, a Marriott Residence Inn and a Chevron Service Station were completed this fall near the intersection of Highway 101 and Cochrane Road.
"Five sites totaling 24 acres remain uncommitted, and we are entertaining proposals for build-to-suits," says Krouskup. "We also have available two, new single-story office/R&D buildings, totaling 100,000 sf."
Neither party commented on the lease rates but a recent Morgan Hill deal was made at $1.25 per sf.
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