Bassett Technology Park in North Santa Clara has signed leases for three tenants to use a combined 175,000 square feet of R&D band and manufacturing space.
EOTech LLC and Evoloh Inc. have inked new leases at the campus, located at 3508-3580 Bassett St., while Intevac, a supplier of thin-film processing systems, has signed an extension for its 75,376-square foot headquarters.
The campus, which was acquired by a fund sponsored by global real estate and development firm Hines in 2020, was represented by Cushman & Wakefield.
“A fund sponsored by Hines had acquired the campus shortly after the beginning of the pandemic, with a belief in the long-term supply/demand fundamentals of this product type, which tends to remain resilient during economic downturns,” said Cushman & Wakefield Managing Director Jon DeCoite. “These leases are a testament to the desirability and diverse functionality of this R&D and manufacturing campus.”
Bassett Technology Park is comprised of six single-story buildings for R&D and manufacturing flex projects. It sits between Highway 101 and Montague Expressway, near both the San Jose Mineta International Airport and Levi’s Stadium.
The agreement with EOTECH — an optics company that specializes in scopes for law enforcement, military and civil weaponry — is for 75,375 square feet.
Evoloh, a green hydrogen tech company, relocated its headquarters to its 25,613-square-foot space in Santa Clara, which will also support its R&D and commercial functions. The company also has a manufacturing facility in Lowell, Massachusetts.
The vacancy rate for Silicon Valley R&D space closed in 2023 at 10.7%, according to a report from commercial real estate and investment company CBRE. The city of Santa Clara’s vacancy rate was a little higher at 12.7%.
Intevac’s lease renewal represented the third-largest transaction in terms of square footage in the fourth quarter in Silicon Valley, behind only an undisclosed lease of 108,588 square feet at 3475 Deer Creek Road in Palo Alto and Finesse Solutions renewal of 90,095 square feet of space at 3301-3311 Leonard Court in Santa Clara.
