SAN JOSE — A giant San Jose constructing leased to a tech firm that makes cutting-edge batteries has been purchased by Bay Space buyers in an actual property deal that tops $100 million.
The just-purchased north San Jose constructing is occupied by QuantumScape Battery, which in 2021 leased the constructing to accommodate a significant enlargement for the maker of light-weight lithium-metal batteries.
Cortese Properties and La Fiesta Sq., actual property entities which are each primarily based in Lafayette, paid $103.8 million for the constructing, in line with paperwork filed on Could 4 with the Santa Clara County Recorder’s Workplace.
The constructing is positioned at 1710 Automation Parkway in San Jose and totals 196,600 sq. toes, in line with a regulatory submitting with the Securities and Trade Fee in April 2021.
The acquisition of the analysis and improvement web site is a reminder that buyers proceed to starvation for buildings in Silicon Valley.
Specifically, buildings which are appropriate for, or leased to, tech, superior manufacturing, or life science firms are notably enticing to consumers, property specialists say.
The group that purchased the Automation Parkway constructing in San Jose is headed up by Stephen Cortese and Ann Cortese. The 2 people are principal executives with Cortese Properties and La Fiesta Sq., which is a retail middle in Lafayette, in line with county property paperwork and state enterprise information.
QuantumScape Battery’s lease started in December and was scheduled to run out in September 2032, SEC paperwork present.
The teams led by Stephen Cortese and Ann Cortese obtained a $45 million mortgage from Wells Fargo Financial institution to assist finance the acquisition of the north San Jose constructing, in line with the county actual property paperwork.
In November 2020, QuantumScape orchestrated an preliminary public providing that raised $680 million and valued the battery firm at $3.3 billion.
“QuantumScape is on a mission to remodel vitality storage with solid-state lithium-metal battery expertise,” Quantum Scape states on its web site. “The corporate’s next-generation batteries are designed to allow longer vary, quicker charging and enhanced security in electrical automobiles.”
The corporate is satisfied that its expertise will unleash wide-ranging modifications within the battery sector, though commercial-level manufacturing nonetheless stays about two years away, QuantumScape mentioned in a latest regulatory submitting.
“We're growing our battery expertise with the aim of starting commercialization between 2024 and 2025,” QuantumScape mentioned in an SEC submitting on Could 2.
We consider that our expertise will allow a brand new class of battery that meets the necessities for broader market adoption. The lithium-metal solid-state battery expertise that we're growing is being designed to supply higher vitality density, longer life, quicker charging, and higher security when in comparison with immediately’s typical lithium-ion batteries.