By Brittney Sherman
Therma LLC has signed a full-building lease for the 212,700-square-foot San Jose Logistics Center at 650 N. King Road. The deal was brokered by CBRE and involves a property owned by an Ares Real Estate fund.
CBRE notes the immediate lease-up reflects strong demand for modern industrial and manufacturing facilities, particularly those offering robust power capacity and limited new supply. Therma—headquartered in San Jose and serving major commercial and industrial clients, including tech campuses and data centers—provides design, production, installation, and service for large-scale HVAC systems.
The agreement coincides with improving industrial market conditions in the South Bay. CBRE reports that vacancy fell to 4.1% in Q3 2025, down from 4.7% in Q2, suggesting an uptick in tenant activity.
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