TowerJazz signs amendment to lease agreement for manufacturing facility in Newport Beach

NEWPORT BEACH, USA: TowerJazz, the global specialty foundry leader, has signed an amendment to its existing lease confirming the validity of TowerJazz’s lease and extension option, and confirming its right to retain the building that houses its semiconductor manufacturing facility in Newport Beach through March 2027.

This amendment was signed with TowerJazz’s new landlord, Uptown Newport LP, a joint venture consisting of a fund controlled by New York-based DRA Advisors LLC and an affiliate of The Shopoff Group, a real estate investment firm based in Irvine, CA.

“We would like to assure our investors, customers and employees that we will conduct our Newport Beach operations as usual. There will be no impact to our business due to the property sale by Conexant as we have secured the lease extension until the year of 2027,” said Rafi Mor, Senior Vice President and General Manager, Newport Beach.