SANTA CLARA — A tech campus in Santa Clara has landed some new leases, stoking some hope for a wobbly commercial real estate market in the Bay Area that is being jolted by multiple setbacks.
Bassett Technology Park has landed roughly 101,000 square feet in new leases from two companies. A third rental deal that is a renewal of an existing lease amounts to transactions that together total about 175,000 square feet, according to Cushman & Wakefield, a commercial real estate firm that arranged the lease.
Here are the new rental deals in the tech campus, which is located at 3508-3580 Bassett Street in northern Santa Clara, according to Cushman & Wakefield brokers Steve Horton, Jon DeCoite and Kelly Yoder, the brokers who completed the transactions:
— EOTech signed a new lease totaling about 75,400 square feet. EOTech manufactures advanced optics sights and scopes.
— Evoloh signed a new lease that totals 25,600 square feet. Evoloh is a green technology firm.
Intevac, a maker of thin-film processing systems that can be used in the semiconductor sector, signed a long-term renewal of its lease for a headquarters site in the tech campus.
The deals mean that a fund led by Texas-based Hines, a veteran and savvy real estate developer, is experiencing a success story with Bassett Technology Park.
“A fund sponsored by Hines had acquired the campus shortly after the beginning of the pandemic, with a belief in the long-term supply and demand fundamentals of this product type, which tends to remain resilient during economic downturns,” said DeCoite, a Cushman & Wakefield managing director.
The Hines-led fund bought the six-building tech campus in 2020.
“Bassett Technology Park’s strategic location in the heart of the Silicon Valley provides proximity to major tech companies, as well as the area’s strong high-tech talent pool,” DeCoite said.