By Meghan Hall
Corsair Gaming has turned its sites to a new part of town, finalizing a lease for its expansion into Milpitas in recent weeks. According to the company’s most recent 10-K SEC filing, Corsair is moving its headquarters from Fremont to Milpitas, where it has signed a lease for 118,127 square feet.
Corsair’s new headquarters will be located at Park Point on 115 N. McCarthy Blvd., owned by PCCP and Embarcadero Capital Partners. Corsair entered into the operating lease agreement for its new space on April 27th. The filing indicates that the lease will last 126 months, or ten and a half years, and begin on March 1, 2022. The company is renting the space on a triple net lease basis and will be responsible for maintenance and operating costs and taxes.
The total annual base rent under the lease will be about $3.76 million for the first 12 months of the lease, and the rent is expected to increase incrementally each year. Corsair is also entitled to rent abatement of about $313,000 per month for the first six months of the lease and about $157,000 per month for months seven through 12 of the lease.
Newmark Executive Managing Director Joe Kelly, as well as CBRE Senior Vice President Bob Ferraro, represented Corsair. Newmark’s Mike Saign, Jeff Arrillaga and Shawn Kellenberger represented Embarcadero and PCCP.
Park Point also includes two other buildings up for lease: 135 N. MCcarthy Blvd and 155 N. McCarthy Blvd. Each building has 176,875 square feet. The campus also features a new fitness and wellness center, as well as four acres of integrated park and amenity space.
“Park Point’s expansive outdoor amenity space offers employees the opportunity to truly enjoy a work life balance focused around wellness without having to leave the campus,” states the campus’ website. “Park Point is truly one of the most customizable, amenitized, efficient and flexible large corporate campus opportunities of its size remaining in the Bay Area.”
Embarcadero Capital Partners and PCCP originally purchased the 30-acre campus in 2019 for about $70 million. Over the past couple of years, the joint venture has worked with architecture and design firm HOK to reposition the campus, modernizing the property’s buildings and creating features like basketball and volleyball courts, outdoor seating and fire pits. Construction on the repositioning is expected to be finished by this summer.
Currently, Corsair is leasing 96,000 square feet on Bayside Parkway in Fremont. Its lease is expected to expire in March of 2022.
As of this writing, Newmark had not yet returned The Registry’s request for comment.