Updated May 12, 2025
Brett Adcock Of Figure AI Leases Mixed-Use Space From Landlord Henry Steinberg In San Jose
3960 North 1st Street
Building Size
98,700 SF
Asset Type
Mixed-use
Closing
Mar 17, 2025
About this deal
AI
The property asset involved in the transaction is a mixed-use facility located at 3960 North 1st Street in San Jose. This location encompasses a total square footage of 98,700 square feet, serving as the new headquarters for Figure AI, which previously occupied a 27,900 square-foot space in Sunnyvale.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 3960 North 1st Street
- Market: San Jose
- Landlord: Henry Steinberg - EQT Exeter
- Tenant: Brett Adcock - Figure AI
Figure AI's relocation to this facility is intended to support its manufacturing, fleet operations, and engineering functions, with lease terms with the landlord EQT Exeter not disclosed.
On the Map
Mixed-use
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San Jose Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93