Philips Electronics N.V. is in the market for a $431 million credit tenant lease. The Netherlands-based electronics giant looks to expand its physical presence at a research and development campus, a source said.

The company is seeking a 15-year final CTL, with an 8.5 year average life.

Philips plans to sell its Eindhoven research campus to a developer, who intends to expand the campus and then lease Philips about half of the campus, or 22 buildings. The High Tech Campus (HTC) Eindhoven, which is open for other companies or institutes, provides space for about 8,000 researchers and developers, according to the Philips Web site.

The rent Philips pays for its space will go towards servicing the bond.

The company tapped JPMorgan Securities as the agent and the deal with circle on March 6.

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