San Jose, CA-based Federal Realty Investment Trust recently signed Splunk Inc. in a long-term lease for 301,000 square feet of office area in the Trust’s 700 Santana Row, a 319,000-square-foot, class-A mixed-use office and retail building under construction at Santana Row at the intersection of Santana Row and Olsen Drive.
Splunk helps customers monitor, analyze and investigate data to make faster decisions and take action. 700 Santana Row is scheduled to deliver in 2019 and features seven levels of office area above ground floor retail, and a parking garage with approximately 1,300 spaces.
According to a prepared statement, the all-concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, a world-class urban plaza and is 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 are managed by Federal Realty.
“We are thrilled to see our existing tenant Splunk expand their footprint and lease 700 Santana Row,” states Jan Sweetnam, SVP and West Coast Chief Operating Officer of Federal Realty Investment Trust. “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 international commercial real estate service firms Cushman & Wakefield and Newmark Knight Frank, worldwide IT company Cisco, leading apartment REIT AvalonBay Communities, healthcare provider Satellite Healthcare, credit reporting company 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, 9 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,” says Dave Conte, CFO of Splunk. “700 Santana Row will expand our presence in San Jose. Federal Realty has been a trusted partner of Splunk, and we are grateful and excited to be working with them.”
“In the intervening three years since we executed our first lease with Splunk, they have shown tremendous growth in all facets of their business – customers, product innovation, and shareholder value. Splunk is the leader in data management, analytics and security, some of the most dynamic growth businesses in the world today,” stated Jeff Berkes, President-West Coast of Federal Realty Investment Trust. “We deeply appreciate Splunk’s continued commitment to Santana Row and are equally grateful to the City of San Jose, the Mayor and council, and the city staff for their continued support and partnership in making Santana Row one of the Country’s most successful mixed-use neighborhoods.”
Federal Realty’s properties are located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Federal Realty has increased its quarterly dividends to its shareholders for 51 consecutive years, the longest record in the REIT industry.