South Bay Lands 56 KSF Tenant in Silicon Valley

Global industrial IoT company Itron has signed a 56,258-square-foot lease at 3005 Tasman Drive, an office building within The Quad at Tasman campus in Santa Clara, Calif. Cushman & Wakefield arranged the deal on behalf of the tenant and the landlord, South Bay Development Co.

Itron is set to move to the new space around the fourth quarter of next year, according to Silicon Valley Business Journal.

The company, which specializes in new ways for utilities and cities to manage energy and water, will relocate from 210 & 230 W. Tasman Drive. In 2016, the firm agreed to fully occupy the two office and R&D buildings totaling some 200,000 square feet, according to Yardi Research Data.

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The Quad at Tasman is a seven-building office and R&D campus totaling 410,409 square feet, completed in 1980 and renovated in 2017. The two-story 3005 Tasman Drive is WELL certified. Amenities include EV charging stations, outdoor spaces and on-site cafe, along with gaming and fitness areas, as well as collaboration and meeting zones.

Located in North Santa Clara, the building is close to Levi’s Stadium and 6 miles from San Jose Mineta International Airport. Downtown San Jose, Calif., is 8 miles southeast.

Cushman & Wakefield Executive Managing Directors Chris D’Ambrosia and Mark Carnese represented the tenant. Executive Managing Director Brandon Bain and Vice Chairman Erik Hallgrimson worked on behalf of the landlord.

Silicon Valley’s office vacancy rate drops year-over-year

Silicon Valley’s office vacancy rate at the end of the second quarter clocked in at 20.7 percent, marking a 70-basis-point increase from the previous quarter, according to a Cushman & Wakefield report. However, this figure was 1.6 percent lower year-over-year.

In what was the largest office lease in Silicon Valley since 2023, the e-commerce division of Walmart agreed in June to occupy 338,307 square feet at Tech Corners in Sunnyvale, Calif. Jay Paul Co. owns the 967,204-square-foot, four-building campus.

Other notable activities in the area include Zscaler’s headquarters deal for more than 300,000 square feet at Great American Corporate Center in Santa Clara. The company subleased the space from Airbnb.