SAN JOSE — Archer Aviation has leased a San Jose office building that was previously engulfed in a loan failure, bankruptcy, and foreclosure, marking a fresh expansion for the maker of flying electric vehicles.
According to sources familiar with the rental transaction, the tech company leased a 105,000-square-foot building at 10 West Tasman Dr. that is owned by an affiliate of Copia Lending. Colliers commercial real estate brokers David Sandlin, Mark Zamudio, and Greg Galasso were marketing it for lease.
Maker, a full-scale electric vertical takeoff and landing test aircraft manufactured by Archer Aviation. (Archer Aviation)
There was a foreclosure of the building’s delinquent loan in October 2024.
Through the foreclosure proceeding, the Copia Lending affiliate placed a value on the office building of $23.7 million, Santa Clara County real estate records show. The lender’s estimated value was 53.8% below the property’s assessed value as of January 2024.
Commercial property experts believe tenants in the South Bay have become increasingly eager to scout for new office locations due to the relatively attractive rents in a weakened market.
With the new lease, Archer now operates at least three large workplace hubs in north San Jose within a few blocks of each other – its headquarters at 190 West Tasman and an office building at 77 Rio Robles that it leased in 2023.
In 2024, Archer Aviation revealed plans for an “urban air mobility network” in the Bay Area that would use a web of electric-powered air taxis to slash commute times. The company is pushing ahead with plans to manufacture, mass produce and deliver electric aircraft for the endeavor.
The regional aviation network that Archer is eyeing in the region will have hubs in several cities.
“Archer’s planned urban air mobility network features takeoff and landing locations in South San Francisco, Napa, San Jose, Oakland and Livermore,” the tech company stated in a June 2024 email.