The lease for a 146,159-square-foot R&D building located at 3011 North First Street in San Jose has been extended to Intermolecular, a materials innovation firm affiliated with Merck KGaA. The property, which includes 28,300 square feet of lab space, was acquired in June 2021 for $28.9 million by Cannae Partners and Blue Vista Capital Management.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $28.9 million
• Address: 3011 North First Street
• Market: San Jose

The negotiations for the lease extension were facilitated by Kelly Yoder, Steve Horton, and Todd Beatty from Cushman & Wakefield acting as the Landlord's Representatives, while Bret Yerkovich and Grant Dettmer from JLL represented the Tenant, Belén Garijo - Merck KGaA - Intermolecular.