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Tuesday, September 26, 2023

Two tech companies strike deal for purchase of San Jose office site

SAN JOSE — A tech company has bought a San Jose site from another tech firm in a deal that suggests a post-coronavirus malaise still afflicts parts of the Bay Area’s office market.

The office building, located at 2201 Qume Drive, was bought by ISE Labs for $24 million, according to documents filed on Sept. 6 with the Santa Clara County Recorder’s Office.

IPG Photonics, a maker of optical fiber lasers, sold the office site to ISE Labs, a technology services firm that has an operation in Fremont.

It wasn’t immediately clear whether ISE Labs would keep the Fremont office and expand at the San Jose site or shift the Fremont operations to San Jose.

ISE Labs bought the office building through an all-cash deal, the county documents show.

The just-bought office building totals slightly under 64,000 square feet, according to a marketing brochure being circulated by real estate firm TRI Commercial, whose brokers Martin Morici and Joshua Gispan were marketing the building for sale at the time of the purchase.

Although IPG Photonics had owned the building for some years, the site was vacant at the time ISE Labs bought the property, according to commercial property listing services.

The TRI Commercial property flyer indicated that the seller cut its asking price at least once during the period of the marketing efforts, which began sometime around December 2022, according to a previous report in The Registry.

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