The building sits on 6.34 acres at 1331 California Circle, whichis located between Interstates 880 and 680 in the northeast cornerof the Santa Clara County. Equastone acquisitions director ChrisStai tells GlobeSt.com that the building will receive a fullinterior and exterior cosmetic remodel, including a new glasslobby, while being marketed for lease or resale. The current askinglease rate is $1.35 per sf per month, triple net.

Equastone likes the product type and the market. Stai saysneighboring markets have upzoned their commercial land, which willresult in the redevelopment of a lot of underutilized class Bproperties (i.e. concrete tilt-up industrial buildings built outfor office use) into higher density three- and four-story officebuildings, multifamily residential projects and retail centers.

"It's going to displace a lot of tenants that prefer the producttype and lower occupancy costs while also decreasing the supply,which will put continued upward pressure on rents as the Valley'sjob market continues to improve" Stai says. "And since there issubstantial room for market rents to grow before rents can justifynew construction, we believe existing properties will only becomemore valuable."