Micron Technology signed a seven-year lease for two adjacent office buildings here totaling 264,884 sf. The manufacturer of semiconductor components will occupy the six story building at 3080 N. First St. in December because it came fully furnished. Tenant improvements to the smaller building at 2060 N. First St. will begin shortly after Micron takes control of the property early next year. Micron is relocating to the buildings from its 100,000-sf corporate-owned facility at 2125 Onel Dr., also in San Jose.
Steve Prehm and Mike Burke of Colliers International represented Micron in its lease negotiations. The building owner, Pure Blue Investments, which consists of three private investors from the Bay Area, was represented by Brittain Cheney and Dennis Chambers of Commercial Property Services and Steve Fisher and Tom Taylor of CB Richard Ellis.
Prehm tells GlobeSt.com that the six-story, 120,000-sf building was built in 1999 and leased in its entirety to Raza Foundries, a company created by former AMD president Atiq Raza, who intended to use the building as an incubator for start-ups. Raza built out and furnished the entire building but only occupied the top floor. Raza never filled the lower floors and vacated its space in late 2005.
The adjacent three-story building is leased to Sun Microsystems. Sun has had the building on the sublease market for several years. Sun's lease expires shortly before Micron takes possession of the building in February, Prehm says.
In North San Jose, Boston Scientific signed a seven-year, 226,000-sf lease for three of four buildings that comprise Baytech Business Park on Baytech Drive in North San Jose. The medical device maker will relocate from 2710 Orchard Pkwy. Both locations are owned by CarrAmerica, a REIT that was taken private earlier this year in a $5.6-billion merger with an affiliate of the Blackstone Group of New York.
Boston Scientific leased all of 150 Baytech, 160 Baytech and 170 Baytech, and acquired expansion rights on 180 Baytech. A source familiar with the transaction tells GlobeSt.com that Boston Scientific signed a direct, phased deal with CarrAmerica for all three buildings after a third party with a leasehold on the 150 and 160 buildings was bought out.
Brokers Rich Branning of Trammell Crow Co. and Bart Lammersen of The Staubach Co. represented Boston Scientific in the transaction. Neither the brokers nor representatives of Boston Scientific and CarrAmerica could be reached Monday morning for comment.
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