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Tower Semiconductor’s Newport Beach Fab 3 lease is now due to expire during 2030. The company announced a further extension in November 2025, after earlier lease arrangements had secured the site through March 2027. The original 2010 announcement was about that earlier 2027 horizon—not the current endpoint.
What Tower’s lease extension covers
The lease covers Tower’s Newport Beach Fab 3 site, including its semiconductor manufacturing facility and offices. Tower said the November 2025 extension enables up to an additional 3.5 years beyond the previous 2027 term. Its 2026 SEC filing says the amendment was signed in November 2025 and the lease is due to expire during 2030. Neither disclosure establishes an exact expiration day. Tower’s November 2025 announcement and 2026 SEC filing.
How the lease timeline changed
| Period | Lease status |
|---|---|
| December 2010 | TowerJazz announced that an amendment confirmed its ability to retain the Newport Beach building through March 2027. The landlord identified at the time was Uptown Newport LP, a joint venture involving a fund controlled by DRA Advisors and an affiliate of The Shopoff Group. 2010 announcement. |
| 2015–March 2027 | Filings say Jazz exercised its first option in 2015, extending the term from 2017 to 2022, with another option available from 2022 to 2027. NPB Co. later exercised that latter option, carrying the lease through March 2027. Tower’s 2024 annual report. |
| November 2025–during 2030 | Tower announced an extension beyond the prior 2027 term; its 2026 filing reports a lease expiry during 2030. 2025 announcement; 2026 SEC filing. |
Why Tower extended the site lease
Tower linked the extension to capacity expansion at Fab 3 and plans to keep the fab at full utilization. The company described an average of $24 million per year over the five-year period associated with the extension. That is Tower’s stated lease figure for this arrangement, not an industry rent benchmark. Tower’s November 2025 announcement.
What Tower has disclosed about disputes
Tower’s filings report that the landlord alleged inadequate noise abatement and sought a judicial declaration that a material breach could not be cured. Tower says it disagrees and is contesting the allegation. The 2026 filing also describes a disputed third-party claim concerning the site. The available disclosures do not establish whether either matter has been resolved or whether a court has ruled on the landlord’s allegation. 2024 annual report; 2026 SEC filing.
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What the earlier 2027 assurance meant
In the 2010 release, Rafi Mor, then Senior Vice President and General Manager of Newport Beach, said operations would continue as usual after Conexant’s property sale and that the lease extension secured the site through 2027. That was a contemporaneous assurance about the 2010 sale; it was not an independent assessment of operational impact or a statement about the 2025 extension. 2010 announcement.
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