SAN JOSE—Splunk Inc. executed a long-term lease for 100% of 500 Santana Row, a 234,500-square-foot office building under construction at Santana Row on Winchester Boulevard and Olsen Drive, according to Federal Realty Investment Trust. Newmark Cornish & Carey represented Federal Realty and Splunk, provider of a software platform for real-time operational intelligence.
The class-A space at 500 Santana Row is scheduled to deliver in 2016 and features six levels of office space above a four-level, below-grade parking garage containing approximately 670 spaces. The all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, private bicycle lockers and showers, and is built to a LEED Gold standard by Devcon Construction. The office property was designed by WRNS Studio, a San Francisco-based architectural firm. Both firms are managed by Federal Realty and its development consultant, Westwood Interests.
Seth Bland, vice president of development for Federal Realty Investment Trust, tells GlobeSt.com: “In making the market-driven expansion of office space at Santana Row, we looked carefully at tenant trends and recognized how young knowledge workers are driving evolution of the social workplace, especially Millennials. Demographers point out that these young knowledge workers have completely blurred the lines between the work environment and the rest of their lives. By delivering the new 500 Santana Row project within Silicon Valley's most popular shopping and dining destination, we're offering companies a place where employees can cross-connect and interact seamlessly with others, both inside and outside their firms. What we're creating is not an insular workplace, it's the opposite, an open campus where people move easily and collaborate with colleagues, see their friends for lunch, use the fitness center, or go shopping."
This latest project augments the office space offering at Santana Row, building off of the success of the 65,000-square-foot 300 Santana Row and an additional 50,000 square feet of office space located on the second floor above Santana Row's shops and restaurants. In addition to the 234,500 square feet of office space, 500 Santana Row will add almost 500 net new parking spaces for patrons' use on nights and weekends. Santana Row includes 70 shops, 20 restaurants, nine personal service businesses, 615 rental apartments, 219 residential condominiums and the 214-room boutique Hotel Valencia.
“How are we attracting this Silicon Valley worker-demographic? Our 500 Santana Row office project now under construction is the only concrete building being constructed in Silicon Valley, and will offer that loft-workspace feel with tall ceilings and exposed concrete surfaces that creates the true feeling of authenticity of place. We have generous bike storage and showers for bike commuters, and are adding a shuttle to the nearby Diridon rail station. And we'll have an open courtyard space at ground level that replicates Park Valencia, plus on the second and sixth floors, we have outdoor purpose-built collaboration spaces where tenants can have meetings, receptions or can take in some fresh air during the day," says Bland.
Federal Realty invests in densely populated, affluent communities where retail demand exceeds supply. Its expertise includes creating urban, mixed-use neighborhoods that combine shopping, dining, living and working to provide a valued destination experience, in primarily coastal markets.
"We're delighted to welcome Splunk to the Santana Row community," says Jan Sweetnam, vice president, west coast chief operating officer for Federal Realty Investment Trust. "Splunk is exactly the type of leading, dynamic company that we targeted when we designed 500 Santana Row."
As previously reported, the project broke ground late last year.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
