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SAN JOSE, CA-JER Partners of McLean, VA and Lane Partners of Menlo Park have acquired 294,000 sf of office space from Renco Properties, adding to a local JER portfolio that has been growing steadily in recent years. The Virginia-based buyer now owns approximately 1.7 million sf in the San Jose and Fremont markets.

The new JER assets, which are about 33% leased, consist of three buildings that the company plans to reposition. “We plan on renovating the portfolio and aggressively working to lease the vacant space,” says Cia Buckley, president of US Funds Business at JER.

Terms of the deal were not disclosed. Buckley calls the new JER properties “excellent assets in a very promising location.” Scott Smithers, president of Lane Partners, which will be the operating partner for the new assets, says the new owners believe that demand for office and R&D space will rise in the North San Jose market.

In 2005 and 2006 JER acquired nearly 1.5 million sf of office space in 21 office buildings in nearby Fremont. Those buildings, also purchased from Renco Properties, are known as Bayside Technology Park and Bayside Technology Park II.

JER also partnered with a local company to add to its Northern California portfolio in a previous deal in which a joint venture of TMG Partners of San Francisco and JER acquired 425,000 sf of R&D space in five buildings. The space in those buildings is fully leased to Boston Scientific, Mattson, Themis Computer and Lexar Media.

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