Stion is currently housed in 11,000 sf at 3603 Haven Avenue. Itsnew space is at 6321 San Ignacio Ave., a building that waspreviously owned and occupied by IBM and is now owned by publiclyheld Mission West Properties of Cupertino. A Stion official was notimmediately available Monday for comment.

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Sherry Gubera, one of two Cornish & Carey brokers whorepresented Stion, tells GlobeSt.com that Stion took the one-storybuilding "as is" and is now having a third party build out thespace. The lease commences in June, when the space is expected tobe ready for full occupancy, says Gubera, who worked on the dealwith fellow C&C broker Jay Phillips.

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Gubera declined to confirm the negotiated lease rate, which onelocal source tells GlobeSt.com starts at approximately $0.70 persf, triple net, but did acknowledge that the lease rate was "belowmarket." The asking rate for comparable space in the area istypically just under $1 per sf, she says.

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As incentive to move to San Jose, the city's RedevelopmentAgency Board will provide $700,000 to Stion for the purchase ofmanufacturing equipment. In addition, the city's economicdevelopment office is working with Stion to secure State EmploymentTraining Panel Funds to help support Stion's work force trainingneeds.

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Founded in June 2006, Stion is developing higher efficiencythin-film modules. Its goal is to minimize the total installed costof solar electricity by reducing panel costs and other relatedsystem costs, both of which are area-dependent and decrease as theproduct becomes more efficient. The company, which currently has 35employees, raised a $15-million Series B financing in June 2007 toaccelerate its product development.

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Incentives provided by the City of San Jose have helped lurethree solar technology companies into the city. The city attractedSoloPower from Milpitas in November 2007 and Nanosolar from PaloAlto in January 2007.

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