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SAN JOSE, CA-LG Display America is upgrading its presence in the North San Jose market. The Seoul, Korea-based manufacturer and supplier of liquid crystal display panels for televisions and computers has signed a five-year, 21,712-square-foot lease at 2540 N. First Street, a 73,000-square-foot office building within LBA Realty’s Silicon Valley Center.

The space will be used by its sales division, which is currently housed in 20,000 square feet of R&D space at 150 E Brokaw Rd., also in North San Jose. The lease commences around the end of the year.

The negotiated lease rate was not released by the parties involved but the asking rate for the space was $2.65 per square foot per month, full service gross, and local industry sources tell GlobeSt.com that net effective rents are coming in approximately 10% below asking rents. LG will relocate from 20,000 square feet in an R&D building also in the North San Jose market.

Rob Shannon of CB Richard Ellis and Susan Gregory of Colliers International represented LBA in the transaction. Scott Prosser and Associate Todd Husak of CBRE represented the tenant.

LG Display reportedly liked Silicon Valley Center’s class A work environment, amenity package and centralized location. Shannon tells GlobeSt.com that the LG lease takes the six-building, 440,000-square-foot Silicon Valley Center to 90% occupancy.

According to CBRE’s mid-year report the 9.2 million-square-foot North San Jose office market had an average vacancy rate of 23% and an average class A asking rent of $2.35 per square foot per year, full service gross.

“There’s been a little increase in activity, driven by technology,” Shannon says. “We’re hoping to see more transactions in 2010 as technology tenants continue to expand.”

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