One of the listing brokers, Colliers SVP Andy Zighelboim tellsGlobeSt.com that Seagate it would cost $2,500 per sf to replicatethe existing improvements in Milpitas and is paying a below-marketrent of $0.94 under a lease that it can – and presumably will –cancel after three years. "Current market rent is $1.35 per sf(NNN), so there's a lot of intrinsic value, especially consideringthe high-end improvements," Zighelboim says.

With a lot of clean energy tenants looking for clean room spaceright now, Zighelboim says bidders could include investors as wellas clean-energy companies, possibly a company in the burgeoningsolar photovoltaic sector or the medical device space because thereduced time-to-market could present a competitive advantage.

"An investor could hold it and realize the rental cash whilemarketing it for sale or for lease to a clean-tech tenant in yearthree," Zighelboim says.