{"id":1004708593,"date":"2024-04-02T03:51:46","date_gmt":"2024-04-02T11:51:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004708593"},"modified":"2024-04-03T03:57:35","modified_gmt":"2024-04-03T11:57:35","slug":"federal-realty-signs-141-ksf-office-tenant","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/federal-realty-signs-141-ksf-office-tenant\/","title":{"rendered":"Federal Realty Signs 141 KSF Office Tenant"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a38f8310c142&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004708601\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/one-santana-west-dusk-exterior-medium-res-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/One-Santana-West-Dusk-Exterior-medium-res-edited-1-e1712053997682.jpg\" data-orig-size=\"3172,2382\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1641937904&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Santana West &#8211; Dusk Exterior (medium res)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;One Santana West represents the first phase of a 1 million-square-foot office campus. Image courtesy of Federal Realty Investment Trust&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/One-Santana-West-Dusk-Exterior-medium-res-edited-1-e1712053997682.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"226\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/One-Santana-West-Dusk-Exterior-medium-res-edited-1.jpg\" alt=\"Exterior of One Santana West\" class=\"wp-image-1004708601\" style=\"width:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">One Santana West represents the first phase of a 1 million-square-foot office campus. <em>Image courtesy of Federal Realty Investment Trust<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>London-based PwC US Group LLP has signed a long-term lease for 141,000 square feet at the One Santana West office building in San Jose, Calif. The tenant plans to move into its new offices in early 2026. This new commitment brought the eight-story building to 50 percent occupancy.<\/p>\n\n\n\n<p>The leasing negotiations began in September as PwC decided to relocate from 488 S. Almaden Blvd. in downtown San Jose, according to <em>The Real Deal<\/em>. At the time, the firm had also shown interest in an office property in downtown Sunnyvale, Calif.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Part of the Santana West office campus<\/h2>\n\n\n\n<p>One Santana West is part of a 1 million-square-foot office campus developed by Federal Realty Investment Trust. The REIT broke ground on the first phase of the project in 2019 and <a href=\"https:\/\/www.commercialsearch.com\/news\/federal-realty-tops-out-silicon-valley-tower\/\">topped out <\/a>two years later. The 376,000-square-foot building came online in 2022.<\/p>\n\n\n\n<p>The development team included Devcon Construction as general contractor, Studios Architecture as designer and Newmark as leasing agent for the project.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/new-in-office-design-creating-the-ultimate-employee-experience\/\">New in Office Design: Creating the Ultimate Employee Experience<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The LEED Gold-certified building features floorplates up to 52,000 square feet and 13-foot clear ceiling heights. The property has covered parking with 1,571 car parking spots, which is shared with Two Santana West. Amenities include rooftop terraces and gardens, together with a community fitness center and conference center, among others.<\/p>\n\n\n\n<p>Federal Realty Investment Trust landed the first tenant at the property in December 2023, according to the <em>Silicon Valley Business Journal<\/em>. The Michigan-based financial technology company Acrisure signed a 29,000-square-foot lease to occupy three and a half floors.<\/p>\n\n\n\n<p>One Santana West rises on more than 4 acres at 3155 Olsen Drive, near the intersection of Winchester Boulevard and Olin Avenue. Located across Santana Row\u2019s shopping and dining district, the property has access to interstates 280 and 880 and is less than 7 miles west of downtown San Jose.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-high-office-vacancy-in-the-bay-area\">High office vacancy in the Bay Area<\/h2>\n\n\n\n<p>Despite this new significant office commitment, vacancy is still high in the Bay Area. As of February, the market\u2019s rate increased by 320 basis points over a 12-month period, up to 20.8 percent, a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/uncovering-regional-disparities-in-remote-work\/\">CommercialEdge report<\/a> shows.<\/p>\n\n\n\n<p>As the office sector still faces headwinds, owners and developers search for alternate ways to adjust and reposition their existing or upcoming properties. Earlier this year, Related Cos. filed an application with the City of Santa Clara to change the development plans of an $8 billion, <a href=\"https:\/\/www.commercialsearch.com\/news\/8b-related-cos-project-swaps-4-msf-of-office-space-for-industrial\/\">9.2 million-square-foot project in Silicon Valley<\/a> that initially included 5 million square feet of corporate office space. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The building is part of a 1 million-square-foot Bay Area campus.<\/p>\n","protected":false},"author":2829,"featured_media":1004708601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,36079,15],"tags":[33957,32779,50999,36147,33801],"class_list":["post-1004708593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-san-jose","category-west","tag-federal-realty-investment-trust","tag-leed","tag-newmark","tag-pwc","tag-studios-architecture"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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