The county of Santa Clara’s Department of Child Support Services is on the move.
The county has signed a 10-year lease for 83,841 square feet at the Ridder Park Technology Center at 880 Ridder Park Drive in San Jose. The department, which occupies 152,000 square feet at 2851 Junction Drive in San Jose, is slated to take occupancy on Nov. 1.
It’s the second big chunk of space to go at five-building Ridder Park this year. Expression College for Digital Arts signed for a 64,893-square-foot R&D/office building at 1751 Fox Drive and was slated to move in this month.
Asking rents in the area for this type of space are in the $1.25 to $1.95 per foot range, said Douglas Sharpe, managing director/senior vice president for NAI Northern California, who represented the county. According to public records, the county will pay $1.45 per square foot with 2.5 percent annual increases and will pay no rent the first 10 months.
Sharpe said the county was attracted to the property because it is located close to public transit and freeway access. “And it’s not too far away from other county functions, which was important to them because of the children’s services,” he said.
Steve Horton and Kelly Yoder with Cassidy Turley, in collaboration with Sherman Chan and Jeff Houston of CBRE, represented the landlord, Hines, a Houston-based real estate developer, in the transaction.
Three blocks of space remain at Ridder Park totaling about 250,000 square feet, said Horton of Cassidy Turley.
“We have good activity on the balance of the project,” he said.
The county’s former site at Junction Drive is being marketed for sale or lease by Phil Mahoney and Jesse Millman of Cornish & Carey Commercial Newmark Knight Frank.
Silicon Valley / San Jose Business Journal
http://www.bizjournals.com/sanjose/blog/real-estate/2012/09/county-moves-child-services-to-big.html?ana=e_bay_real&s=newsletter&ed=2012-09-27
