Renesas Electronics Inks 216 KSF Lease in Milpitas
- Aug 08, 2017
Renesas Electronics America has signed a 216,000-square-foot lease in Murphy Crossing, a five-building, 368,000-square-foot Class A office/R&D property in the heart of Silicon Valley, with the building’s owners, a joint venture between Embarcadero Capital Partners and True North Management Group.
The transaction represents one of Silicon Valley’s biggest leases of the year as Renesas Electronics America expands its existing premises by 90,000 square feet to include all of 915 Murphy Ranch Road, and extends the term of its existing lease on 126,000 square feet at 1001 McCarthy Blvd. and 933 Murphy Ranch Road.
Shawn Kellenberger and Jeff Arrillaga, Newmark Knight Frank executive managing directors, and Michael Saign, senior managing director, represented the owners in the lease. JLL represented the tenant.
“With more than 200 million square feet of office and R&D inventory in the greater Silicon Valley, a company like Renasas has much to choose from,” Shawn Kellenberger, Newmark Knight Frank’s executive managing director, told Commercial Property Executive. “Its choice of Murphy Crossing, along with the historical occupancy that the project has had, demonstrates the attraction of Murphy Crossing to tenants and owners.”
Originally constructed in 1994, Murphy Crossing is situated on 20 acres and features high-quality design and construction, high ceilings, and large floorplates. The buildings offer steel and glass construction with an enormous outdoor amenity area, including a basketball court, a volleyball court and onsite café.
The property is adjacent to Guadalupe River in the Oak Creek submarket of Milpitas, which is immediately adjacent to North San Jose. It’s located in the desirable Route 237 Corridor, offering easy access to Interstates 880 and 680, U.S. 101, and the VTA light rail system connecting to BART.
“Companies are constantly in a fight to recruit and retain employees that are all over the greater Bay Area,” Kellenberger said. “This campus provides employers the ability to tap into talent rich areas of the East Bay, South Bay and up the Peninsula.”
Other tenants at the project include Aerohive Networks and SonicWALL.
Image courtesy of Embarcadero Capital Partners