A joint venture ownership of Cannae Partners and equity partner Blue Vista Capital Management has secured a long-term lease extension for a 146,159-square-foot research and development building located at 3011 N. First St. in North San Jose. The tenant, Merck affiliate Intermolecular, has been occupying the property for over a decade.
The landlord was represented by Todd Beatty, Steve Horton, and Kelly Yoder of Cushman & Wakefield, while JLL’s Bret Yerkovich and Grant Dettmer represented the tenant. Cannae and Blue Vista have owned the property since 2021.
According to Beatty, the building at 3011 N. First provides an attractive option as a strategic hub location, with existing infrastructure that meets the tenant’s essential research and development needs. Additionally, the tenant is expected to make further customized improvements to enhance and modernize the facility.
The lease extension demonstrates the commitment of both the ownership and the tenant to continue their successful partnership in the years to come.
