SiTime Corporation (NASDAQ:SITM) is one of the High Growth Semiconductor Stocks to Buy. On March 24, SiTime Corporation (NASDAQ:SITM) announced a major expansion move by signing a lease for about 149,300 square feet across two adjacent buildings at 3250 and 3260 Jay Street in Santa Clara.
Management noted that the facilities will become the company’s new headquarters. The occupancy is expected to start from April 1, 2027, and will last for 13 years, and the terms of the contract state two additional 5-year extensions. Moreover, the renting structure is set at $3,762,360 annually for the first 12-months and $5,733,120 from the 13th to 24th months.
Management noted that as per the agreement the rent for the first 6-months is abated and the agreed rent will increase by roughly 3% annually after 2-years of occupancy. Notably, the landlord, 3250 Jay Street Owner LLC, will also provide up to $16.05 million for initial buildout and $1.3 million for power upgrades, both of which are reflected in the base rent.
SiTime Corporation (NASDAQ:SITM) focuses on developing micro-electromechanical system-based silicon timing solutions that replace legacy quartz devices.
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