Lane Partners acquired this three building portfolio as part of a joint venture in April, 2008 as part of a sale-leaseback transaction with KLA-Tencor.

The business plan called for KLA to vacate one of the buildings when its lease expired in June of 2008, and the other two in June of 2010, when the tenant could terminate its remaining lease obligations, allowing ownership to renovate and reposition the buildings.

This renovation project will add significant value to the project in several ways: 1) by greatly improving the appearance and allure of the property, 2) by increasing the square footage of the buildings in a cost-effective manner, thereby increasing the potential cash flow of the project and 3) repositioning the space from research and development to general office uses.

Currently, the renovation of the first building is complete, resulting in an increase in the rentable square footage of over 8% (4,265 RSF).