In addition to those two buildings, NEC also leases from Mission West an 80,000-sf building at 2100 Walsh Ave. Earlier today, NEC confirmed that it also is planning to vacate that building as well but did not specify whether the lease was nearing expiration, a lease termination was under negotiation or it would go onto the sublease market.
Cornish & Carey, the brokerage firm that negotiated the renewal lease, says NEC Electronics signed a 10-year lease for all of 2880 Scott Blvd., which has been the company's US sales and design headquarters for the past 10 years. C&C broker Kevin Manning, handled the transaction for NEC.
The lease rate was not released by the parties involved but according to SEC filing by Mission West the 2006 base rent for the building was approximately $3.27 million or $16.33 per sf. The 2006 base rent for the smaller building NEC is vacating was $2.28 million or $30.45 per sf.
NEC Electronics is a semiconductor company with clients ranging from automobiles to consumer electronics. The operations in the smaller buildings NEC is vacating will be relocated all or in part to the larger, less expensive building.
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