San Jose, CA (Dec. 17, 2014) — With groundbreaking ceremonies today led by San Jose Mayor Chuck Reed and other officials, Federal Realty Investment Trust (NYSE:FRT) announced the start of construction on 500 Santana Row, a 232,000 square-foot LEED-Gold office building. The 6-story structure, featuring 39,000 square-foot floorplates and modern architecture, offers for the first time a large Class A office building within the iconic Santana Row mixed-use community.
“500 Santana Row’s expansive floorplates, high ceilings, dedicated parking and the most amenity-rich location in Silicon Valley make it ideal for growing technology and professional service firms,” said Jan Sweetnam, Federal Realty’s Western Region Chief Operating Officer. “Competition for employees is more intense than ever, and companies of all sizes recognize that providing a work environment in a high-quality urban setting is one of the most effective recruiting and retention tools available. Moreover, we think employees will find that, once they’re ‘on campus’ at Santana Row, there will be no need to leave and business partners will prefer to come to 500 Santana Row to meet. As a result, companies should be able to capture significant gains in productivity.”
Newmark Cornish & Carey is the leasing agent for the project. It has been designed by WRNS Studio of San Francisco, and Devcon Construction is the general contractor.
With Santana Row’s location directly off Interstate 280 and proximity to residential neighborhoods and office parks in Palo Alto, Mountain View, Sunnyvale, Cupertino, Santa Clara, and throughout Silicon Valley, access and transportation will be a significant advantage compared to the increasingly congested Highway 101 corridor. A shuttle directly from the Diridon Station will provide quick access to Caltrain. Six completely private bathrooms with showers are designed to make bicycle commuting easy and convenient. The project will include a private, secure underground parking structure with over 700 spaces for tenants in 500 Santana Row.
In addition to 20 restaurants, Santana Row features a 30,000 square-foot premium fitness club, extensive conference facilities at the Hotel Valencia, and over 800 homes.
For more information on leasing at 500 Santana Row, contact Randy Gabrielson, Todd Shaffer, or Tracey Solari of Newmark Cornish & Carey at 408.727.9600. Or visit the website, http://www.theofficesatsr.com/500sr.
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, thriving 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 89 properties include over 2,400 tenants in approximately 20.1 million square feet of retail space and 1,500 residential units. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 47 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.