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Follow on Google News | Cushman & Wakefield Inks 73,000-sq.-ft. Lease for Bestronics in San Jose, CalifManufacturing Property Comes Full-Circle with Second-Generation Lease-up
By: Cushman & Wakefield Cushman & Wakefield’s Dan Hollingsworth, Steve Pace, Tom McGovern and Karen Sigl, based in the company’s San Jose office, represented property owner LD Odyssey, LLC in the long-term transaction. The Hollingsworth team has been involved with the former Flextronics property from the outset, initially representing Flextronics in the land purchase and development. In 2006 they again represented Flextronics in the property’s sale-leaseback to Westcore Properties and the sale of the adjoining building, 2090 Fortune Drive, to LBA Realty. When Flextronics relocated to another site seven years later, Westcore Properties retained the team as marketing agent for its properties, as did LBA Realty for its building at 2090 Fortune Drive. The group then orchestrated the lease of one 71,750-square- “This site has come full circle, marking a resurgence in San Jose’s International Business Park submarket,” Hollingsworth said. “We had three tenants vying for that final availability, and while asking rents for many years have fallen in the $0.60 per square foot range, this building ultimately leased for over $1.00 per square foot. This speaks to generally improved fundamentals as well as the strong return of the production manufacturing segment in the Silicon Valley.” According to Cushman & Wakefield Research, industrial vacancy in Silicon Valley decreased to 3.7 percent during the third quarter of 2015, down from 5.7 percent at the same time in 2014. Manufacturing product closed the third quarter with vacancy of just 3.0 percent, compared to 5.4 percent the previous year. ### About Cushman & Wakefield Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. End
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