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Office Asset Re-Tenants 86,000 SF

SAN JOSE, CA-Polycom, a public company, inks a 10-year lease for an 86,000-sf office building here that CarrAmerica Realty Corp acquired around the start of the year for $10.3 million.

By Brian K. Miller | Updated on November 28, 2006

SAN JOSE, CA-CarrAmerica has landed a long-term tenant for a vacant 86,000-sf office building in North San Jose that it acquired about 12 months ago. The building is located at 3533 North First St. and the tenant is Polycom, a publicly held communications company headquartered in Pleasanton, CA. The 10-year lease commences in the second quarter of 2007.

CarrAmerica, a formerly public REIT that was taken private earlier this year, acquired the building around the start of the year for $10.3 million (For that story, click here. The seller was Net IQ, which continued to occupy the building rent-free into the second quarter, when it relocated to leased space elsewhere in San Jose. Polycom will use the building to house operations currently located in 102,000 sf at 1565 Barber Ln. in Milpitas, CA.

Completed in 1984, 3553 North First Street is located on the corner of North First Street and Rio Robles, between two other CarrAmerica properties (3571 North First Street and Rio Robles Technology Park) and one-half block south of a Light Rail substation. Amenities including tennis, bocce and basketball courts; a fitness center with shower facilities; a cafe; and an outside patio with a built-in barbeque.

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