700 Santana Row Takes on Splunk’s TIs

SAN JOSE—Federal Realty Investment Trust’s latest office building, 700 Santana Row, has completed construction and will be finishing interior tenant improvements ahead of Splunk’s planned occupancy later this year, GlobeSt.com learns. Splunk, already a Federal Realty tenant at its 500 Santana Row building, signed a long-term lease for 301,000 square feet at 700 Santana Row last year.

The 319,000-square-foot class-A building features seven office levels, above-ground floor retail and a parking garage with approximately 1,300 spaces. The all-concrete structure features 13-foot ceiling heights, a glass curtain wall, private terraces and an urban plaza, built to a LEED Silver standard.

700 Santana Row was designed by WRNS Studio, a San Francisco-based architectural firm, and is being built by Devcon Construction, a Bay Area general contractor. Both firms are managed by Federal Realty.

“We are thrilled to see our existing tenant Splunk expand their footprint and lease 700 Santana Row,” Jan Sweetnam, senior vice president–West Coast chief operating officer of Federal Realty Investment Trust, tells GlobeSt.com. “Santana Row’s mixed-use live-work-play environment and amenities, coupled with its superb Silicon Valley location, have become an integral part of Splunk’s culture, providing significant advantages in employee recruitment and retention as well as employee productivity and satisfaction.”

700 Santana Row, together with 500 Santana Row, 300 Santana Row and other mixed-use buildings, brings the total office space offering at Santana Row to 690,000 square feet. The office space is 100% leased to firms including Cushman & Wakefield, Newmark Knight Frank, Cisco, AvalonBay Communities, Satellite Healthcare, Experian and others.

In addition to the 319,000 square feet of class-A office and retail space, 700 Santana Row will add almost 1,000 net new parking spaces for patrons’ use on nights and weekends. Santana Row also includes 50 shops, 30 restaurants, nine personal service businesses, 615 rental apartments, 219 residential condominiums and the 215-room boutique Hotel Valencia.

“We are proud that Splunk’s continued growth is bringing more jobs to the Bay Area and that our employees have great places to work like Santana Row,” said Dave Conte, chief financial officer of Splunk, last year. “700 Santana Row will expand our presence in San Jose. Federal Realty has been a trusted partner of Splunk.”

Federal is also eyeing construction of its next development, a new office campus across the street from Santana Row called Santana West.

Santana Row’s demographics indicate a population of 257,142 within a three-mile radius of the property, which swells to a daytime population of 268,524. There are nearly 100,000 households within that radius which is doubled at 219,292 within five miles. The average household income is $128,813, the median age is 37 years old and 53% of residents are college educated, all within a five-mile radius, GlobeSt.com learns.

NKF’s Armand Tiano represented Splunk and Todd Shaffer, Tracey Solari and Randy Gabrielson represented the landlord for the 700 Santana Row lease transaction.