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MILPITAS — Corsair Gaming has struck a deal to relocate its headquarters and potentially hundreds of workers to a Milpitas complex that is being transformed into a modern tech hub, according to a new regulatory filing.
The tech company will exit Fremont as a result of the leasing deal, Corsair said in a filing on May 3 with the Securities and Exchange Commission.
“Under the new lease, the company is renting approximately 118,127 square feet of building space for the new headquarters,” Corsair Gaming stated in the SEC filing.
The new headquarters will be located at 115 N. McCarthy Blvd. in Milpitas, the SEC documents stated.
The transaction represents a considerable expansion for Corsair. At present, Corsair leases 96,000 square feet on Bayside Parkway in Fremont.
The new Corsair headquarters could potentially accommodate 475 to 590 Corsair workers, using standard space requirements per employee. It’s unknown how coronavirus-linked spacing protocols might affect the actual headcount.
The building that Corsair has just leased is part of the three-building Park Point tech campus in Milpitas.
The new lease is slated to take effect in March 2022, which is the same month that the company’s lease expires in Fremont, the SEC filing stated.
Newmark commercial real estate brokers Shawn Kellenberger, Jeff Arrillaga, Mike Saign, and Joe Kelly; and CBRE commercial real estate broker Bob Ferraro arranged the lease.
Corsair has agreed to lease an entire building at the Milpitas tech campus, according to Kellenberger.
In 2020, Corsair earned $103.2 million on revenue of $1.7 billion, according to the Yahoo Finance site. In 2019, Corsar lost $8.4 million on revenue of $1.1 billion. That means the company’s revenue jumped $54.5% during the year.
The company makes computer gaming equipment and computer peripherals, as well as specialized computers for gaming.
During a conference call this week with analysts to discuss Corsair Gaming’s first-quarter earnings, company executives said the quarterly numbers were robust.
“We are delighted with our first-quarter results, which exceeded our expectations,” Andy Paul, chief executive officer of Corsair Gaming said during the conference call.
Despite the coronavirus — or perhaps partly because of it — computer game enthusiasts continue to hunger for this type of entertainment.
“We continue to see elevated levels of gaming activity and the conversion of casual gamers to committed gamers who spend money on new gear,” Paul said during the conference call.
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