Solyndra Inc. designs and manufactures panels and mounting hardware for solar photovoltaic systems installed on commercial rooftops. The former HP facility, built in 1982, will be used as back-end support for the company's new fabrication facility, which is under construction in Fremont thanks to a $535 million loan from the US Treasury and $198 million from a recent equity financing round led by Argonaut Private Equity. The company began construction in September. The facility is meant to help the company meet an order backlog totaling nearly $2 billion.

In January, local industry experts told GlobeSt.com that the space could be worth as much as $0.80 per square foot per month because with 90,000 square feet of mezzanine office space and lab space as well it was more than just a manufacturing facility, which rent for somewhere in the $0.50s per square foot, and wasn't fully R&D space, which would rent for something in the $0.90s per square foot. However, given Overton More's low cost basis and its want to lease the vacant facility, local sources tell GlobeSt.com it's not surprising for the negotiated rent to be in the $0.60s per square foot. At $0.66 per square foot, the deal value would be approximately $48 million.

Overton Moore chief executive Timur Tecimer tells GlobeSt.com that Solyndra has already taken possession of the property lease is scheduled to commence around the time it completes its second fabrication plant, which Solyndra tells GlobeSt.com is scheduled for early 2011. "We nailed our business plan," Tecimer tells GlobeSt. "We had two years of downtime written in."