W3 Partners Joint Venture Announces 64,336 SF Lease to Ciena Corp. in San Jose, CA

  

3939 North First Street, San Jose, CA

Susan Sagy

SAN RAFAEL, CA (July 8, 2013) W3 Partners, an institutional real estate investment manager and operating company, and AllianceBernstein U.S. Real Estate Partners L.P., have announced a 10-year, 64,336-square-foot, full-building lease with  Maryland-based Ciena Corporation (Nasdaq: CIEN).

 The building is located at 3939 North First Street in San Jose and will be a relocation from another San Jose location. 

Diane Olmstead

Ciena Corporation , a provider of communication networking equipment, will complete its tenant improvements over the summer and plans to move into the building this September.

The building complex was acquired by the W3 joint venture in December 2012 from Prologis Corporation. At the time, the building was vacant with some improvements completed. W3 created a market-ready building with flexible workspaces and added amenities sought by tech companies.

Steve Horton

“After just five months of ownership and only a month after completion of our improvements, W3 has fully leased the 3939 North First Street building in San Jose,” said Susan Sagy, Co-Founding and Managing Partner, W3 Partners.

 “We were able to accomplish our goal for this asset – which was to add significant long-term value creation by upgrading the improvements to the quality and creative standards required by today’s technology tenants and then leasing it quickly to a strong tenant. Ciena Corporation is a major win for our ownership as well as for the thriving San Jose market.” 

Alan Guterman

“A common thread in our investment philosophy is to buy well-located assets, which appeal to the innovative companies that dominate our West Coast markets. We have studied these companies and have deep knowledge and experience in creating the environments they seek,” said Diane Olmstead, Co-Founding and Managing Partner at W3.

W3 was represented by Steve Horton, Alan Gutterman and Jon Decoite of Cassidy Turley and Ciena Corporation was represented by Jerry Inguagiato and  Gil Hutzler of CBRE.

Jon Decoite

This transaction represents the second corporate headquarter project completed and leased by W3 Partners in Silicon Valley in the past year. 

The firm previously acquired a three-building campus on Rio Robles in North San Jose and leased the only vacant building in the complex to Extreme Networks in December 2012.

  

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224