Last month, IBM announced plans to relocate 1,150 workers from its Cottle Road campus in south San Jose, which is being redeveloped. As part of that announcement, it said 700 workers were expected to land in a North San Jose building it did not identify. That building is 4400 North First St., industry sources tell GlobeSt.com.

The building leased by IBM was part of a vacant three-building portfolio totaling 453,700 sf that Cisco Systems sold to the Page Mill-CalSTRS joint venture in an off-market, estimated $52-million transaction that closed in January. In addition to $27.4 million in acquisition financing, the JV took out a $31.2-million loan to fund capital costs necessary to lease up the buildings, according to the lender, Gramercy Capital Corp. The cross-collateralized financing matures in 24 months, has three one-year extension options and bears interest at a rate of Libor plus 300 basis points, according to Gramercy.

The IBM lease brings to 200,000 sf the amount of space that has been leased in the portfolio since it changed hands. In February, Electroglas leased all of the 78,000-sf building on Fontanoso Way in South San Jose that was part of the transaction. The third building, 4300 North First St., is still vacant, though a Divco West official responded with a "no comment" when asked if an LOI had been signed for the building.