The 284,000 SQFT premium office building will be located at the very end of the row next to the CineArts movie theater. The offices feature 13-foot ceilings, expansive floor plans, and a 15,000 SQFT garden terrace on the roof. The ground floor will have a signature plaza that will be open to all.
Parking will be available in a new parking structure that will also be open to the public during evenings and weekends. Thankfully, Santana Row will be offering shuttle service to Diridon Station as an alternate transportation option. The total cost of the project is expected to be between $205-215 million and completion should wrap up by Q3 2018 according to the SVBJ.
The full press release is below. Thanks to Ron Heckmann for sending this in.
Federal Realty Starts Construction on 700 Santana Row, Headquarters-Quality, Large-Floorplate Office Building Anchoring Iconic Santana Row
284,000 square-foot Class-A Office Building in Silicon Valley’s premier urban neighborhood
designed to attract burgeoning Silicon Valley firms
San Jose, CA (Dec. 1, 2016) -- Federal Realty Investment Trust (NYSE:FRT) started 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. San Jose Mayor Sam Liccardo joined Federal Realty executives and other local officials to commemorate the ground breaking.
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. The project cost is estimated at $205-$215 million.
"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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