(EDITOR’S NOTE: This is Bloom’s second expansion at the property in recent months. In August, the firm expanded and renewed at 237@First. Bloom added 47,123 square feet of space, brining its footprint to 102,797 square feet in August of 2021.)
San Jose, Calif. – January 19, 2022 – CBRE Investment Management, on U.S. Strategic Partners Value Fund 9, announced that Bloom Energy signed a deal to expand its existing lease at 237@First by 32,799 square feet. Bloom Energy – which delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications – will now occupy an entire 182,717-square-foot building at the two-building office complex.
“We are pleased to have Bloom Energy as a full-building tenant at 237@First, where we have successfully implemented a robust leasing and management program that is focused on tenant satisfaction and retention,” said Brian Ma, Senior Director of Commercial Operations for CBRE Investment Management. “The implementation of these changes and the activation of underutilized commons spaces and our proprietary A&B program have helped several tenants, including Bloom Energy, revitalize their office environment and re-confirm their commitment to safe in-person collaboration.”
“We have expanded our headquarters in San Jose and increased our manufacturing footprint in Fremont, California to further our technology leadership and support the strong demand for our solutions in the United States and abroad,” said Carl Guardino, executive vice president, government affairs and policy, Bloom Energy. “We continue to recruit to fill hundreds of positions to support our operations, including engineers, sales, marketing, and finance professionals and advanced manufacturing staff. Our developments, investments and commitments here in the Bay Area and to the California economy reflect our confidence in our continued business momentum, and we are proud to call the Bay Area home.”
237@First is LEED Gold Certified and spans 368,702 square feet across two buildings located at 4353 North First Street, where Bloom Energy is located, and 4453 North First Street. The high-end office buildings feature 14’ to 16’ slab-to-slab heights, expansive window lines affording panoramic views and abundant light, dramatic lobbies, and flexible 32,800-square-foot column-free floor plates that can efficiently accommodate a de-densified floor plan. Tenant amenities include a fitness center with a yoga studio and several large outdoor collaboration areas, a sought-after feature. With 4353 North First Street fully occupied by Bloom Energy, 98,235 square feet remains available for lease at 4453 North First Street.
CBRE Investment Management was represented by Jeff Houston, Rochelle Imani and Vincent Scott of CBRE in the deal. Bloom Energy was represented by Steve Levere of JLL.
237@First is located along the heavily trafficked Interstate 237 corridor, providing prominent exposure and regional access via direct connectivity to major highways and to the freeway. The location affords many tenants a reverse commute to the East Bay and Peninsula areas and is home to several major national and global corporations.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients.
*Assets under management (AUM) refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.