AI Tech Firm Expanding in San Jose with New Headquarters
A growing Artificial Intelligence company is making strides in Silicon Valley by expanding its headquarters into a new office campus in San Jose. Astera Labs recently signed a lease for 154,200 square feet of office space located at 2315 and 2345 North First Street in north San Jose.
This move represents a significant boost for the South Bay commercial real estate market, hinting at a potential turnaround in the area. With offices and gathering spaces in mind, Astera Labs’ new lease will allow them to triple their current location in Santa Clara, expanding from 51,300 square feet to 154,200 square feet.
The company has even more room to grow, with an option to expand beyond their initial lease space in the future. The two-building office complex they’ll be moving into includes a total of 224,100 square feet, featuring two four-story office buildings and an executive conference center.
The lease is expected to commence in April, pending the completion of necessary construction on the campus. The initial term of the lease is 7.5 years, with the option to extend for up to two consecutive terms of five years each. Astera Labs had a successful IPO in March 2024, raising $713 million and pricing shares at $36 each, with shares closing at $140.93 on January 3.
This expansion is a positive sign for the tech industry in the region, as more companies are seeking large office spaces, bringing hope for a rebound in the Bay Area’s office market after a challenging period. Astera Labs’ move to San Jose marks a significant step forward in their growth and operations in the Bay Area.
