SAN JOSE, Calif.--(BUSINESS WIRE)--
Federal Realty Investment Trust (NYSE:FRT) announced the start of construction today on 700 Santana Row, a 284,000 square-foot office building set on a signature plaza with a sweeping design that anchors the end of Santana Row, Silicon Valley’s iconic mixed-use neighborhood. The state-of-the-art, eight-story structure at Santana Row at Olsen Drive features 30,000 and 48,000 square-foot floorplates, modern architecture and headquarters-quality office space with concrete construction, which gives the building distinctive design qualities compared to traditional Silicon Valley office buildings. 700 Santana Row follows the highly successful 500 Santana Row, a six-story office building on an adjacent site fully-leased to Splunk Inc. in 2015 with occupancy slated to begin next month.
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Federal Realty Starts Construction on 700 Santana Row, Headquarters-Quality, Large-Floorplate Office Building Anchoring Iconic Santana Row (Graphic: WRNS)
"700 Santana Row is a ‘capstone’ building that takes full advantage of being the visual book-end to Santana Row, which has become one of the most popular live-work-dine-shop environments in Silicon Valley and the Bay Area. No other office building will have this unique, commanding location,” said Jan Sweetnam, Federal Realty’s Western Region Chief Operating Officer. “We’ve designed the building with a concrete structure and loft-like feel more often found in San Francisco’s SOMA district and other urban centers. 700 Santana Row will feature expansive natural light with tall, market-leading 13-foot ceilings and open floor plans, which in turn will provide companies with high-productivity, collaborative workspaces for their employees.”
Ready for tenant build-out in the third quarter of 2018, 700 Santana Row will also feature a three-per-thousand dedicated parking ratio and a 15,000 square-foot roof-top terrace and garden with majestic views of Santana Row, the San Jose skyline and distant foothills. Shuttle service will take Santana Row office tenants to nearby Diridon Station for Caltrain and VTA light rail service.
“And unlike the congested 101 corridor,” Sweetnam added, “Santana Row is located directly off of Interstate 280 in close proximity to residential neighborhoods and office parks in San Jose, Palo Alto, Mountain View, Sunnyvale, Cupertino, Santa Clara, and throughout Silicon Valley.”
“The on-site amenities and walkable environment that Santana Row offers has become a recruiting and retention tool for Splunk, Experian, Si-Bone and the other companies located here,” said Jeff Berkes, President-West Coast for Federal Realty Investment Trust.
Newmark Cornish & Carey is the leasing agent for the project. 700 Santana Row has been designed by WRNS Studio of San Francisco, and Devcon Construction is the general contractor.
Santana Row’s world-class amenities include 50 shops, 30 restaurants, a 215-room boutique hotel offering extensive full service conference facilities, two parks and multiple plazas with outdoor seating and free wifi, 615 rental homes and 219 privately owned condominiums.
For more information on leasing at 700 Santana Row, contact Randy Gabrielson, Todd Shaffer, or Tracey Solari of Newmark Cornish & Carey at 408.727.9600 or visit http://theofficesatsr.com/building/700-offices/.
About Federal Realty
Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail based properties located primarily in major coastal markets from Washington, D.C. to Boston as well as San Francisco and Los Angeles. Founded in 1962, our mission is to deliver long term, sustainable growth through investing in densely populated, affluent communities where retail demand exceeds supply. Our expertise includes creating urban, mixed-use neighborhoods like Santana Row in San Jose, California, Pike & Rose in North Bethesda, Maryland and Assembly Row in Somerville, Massachusetts. These unique and vibrant environments that combine shopping, dining, living and working provide a destination experience valued by their respective communities. Federal Realty's 96 properties include over 2,800 tenants, in approximately 22 million square feet, and over 1,800 residential units.
Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 49 consecutive years, the longest record in the REIT industry. Federal Realty shares are traded on the NYSE under the symbol FRT. For additional information about Federal Realty and its properties, visit www.FederalRealty.com.
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