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Leasing at Pacific Research Center Stays Hot

NEWARK, CA-On the heels of a 90,000 sf lease earlier this month BioMed Realty signs up a 140,000-sf tenant for the 1.4 million-sf former Sun Microsystems campus.

By Brian K. Miller | Updated on May 01, 2008

NEWARK, CA-DayStar Technologies, a Santa Clara, CA-based publicly traded company catering to the solar power industry has signed a 10-year lease for 140,000 sf of manufacturing space at Pacific Research Center. The 1.4 million-sf, 10-building former Sun Microsystems campus is being converted for use as a multi-tenant research campus by publicly held BioMed Realty Trust.

DayStar’s lease is for the only manufacturing building on the property, a 200,000-sf warehouse for which the asking lease rate was $1 per sf, triple net. DayStar has not yet filed any lease details with the SEC. One of the listing brokers on the deal, Gregg Domanico of GVA Kidder Mathews, tells GlobeSt.com that DayStar negotiated into the deal a one-year expansion right for the rest of the building. “I fully expect them to expand into it,” he says.

Pacific Research Center is located immediately off Highway 84 and the Dumbarton Bridge, the southernmost of the highway bridges that span San Francisco Bay. Aside from the manufacturing facility, the buildings are two- and three-story office/R&D buildings. BioMed acquired the campus in mid-2006 for $216 million but Sun didn’t fully vacate the premises until mid-2007. The company has since spent more than $20 million on the repositioning, according to SEC filings, and has more to do. Completion of the conversion is slated for this time next year.

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