SAN JOSE — A medical laser company struck a rental deal that will enable it to shift its headquarters from Mountain View to South San Jose in a transaction that shows tech firms are still seeking new places to operate.
Iridex agreed to lease 30,800 square feet of office space at 5215 Hellyer Ave. in a complex known as Hellyer Oaks Technology Park, according to an official regulatory filing the company posted with the Securities and Exchange Commission.
The lease is slated to last at least seven years and will begin July 1 or sooner, according to SEC documents. Cushman & Wakefield commercial real estate executives Erik Hallgrimson, Walt Stephenson and Clark Steele arranged the deal.
Iridex can extend the lease by an additional five years after the initial term expires.
The filing indicated that unspecified tenant improvements are expected to prepare the offices. Details of the upgrades weren’t available.
Iridex develops and makes laser-based medical systems and ophthalmology instruments. Over the 12 months that ended in September, Iridex lost $5.1 million on revenue of $50.7 million, according to Yahoo Finance.
The company’s laser devices can be used to treat conditions that threaten eyesight, according to a post on its website.
“Iridex’s current product line is used for the treatment of glaucoma and diabetic macular edema (DME) and other retinal diseases,” Iridex states.
The leasing deal comes at a time when the South Bay office market is showing signs of improving in a noticeable way, according to multiple commercial real estate reports this year.