Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN JOSE, CA-Stion Corp. will expand and relocate its headquarters to San Jose from Menlo Park later this year. The manufacturer of thin-film solar technology has signed a five-year lease for a 65,000-sf building in the Edenvale industrial area of South San Jose.

Stion is currently housed in 11,000 sf at 3603 Haven Avenue. Its new space is at 6321 San Ignacio Ave., a building that was previously owned and occupied by IBM and is now owned by publicly held Mission West Properties of Cupertino. A Stion official was not immediately available Monday for comment.

Sherry Gubera, one of two Cornish & Carey brokers who represented Stion, tells GlobeSt.com that Stion took the one-story building “as is” and is now having a third party build out the space. The lease commences in June, when the space is expected to be ready for full occupancy, says Gubera, who worked on the deal with fellow C&C broker Jay Phillips.

Gubera declined to confirm the negotiated lease rate, which one local source tells GlobeSt.com starts at approximately $0.70 per sf, triple net, but did acknowledge that the lease rate was “below market.” The asking rate for comparable space in the area is typically just under $1 per sf, she says.

As incentive to move to San Jose, the city’s Redevelopment Agency Board will provide $700,000 to Stion for the purchase of manufacturing equipment. In addition, the city’s economic development office is working with Stion to secure State Employment Training Panel Funds to help support Stion’s work force training needs.

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

Incentives provided by the City of San Jose have helped lure three solar technology companies into the city. The city attracted SoloPower from Milpitas in November 2007 and Nanosolar from Palo Alto in January 2007.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.