Class-A Office Building Now 100% Pre-Leased
SAN JOSE, Calif. — Federal Realty Investment Trust (NYSE:FRT) today announced that Splunk Inc. (NASDAQ: SPLK) executed a long-term lease for 100% of the Trust’s 500 Santana Row, a 234,500 square foot, Class-A office building under construction at Santana Row on Winchester Boulevard and Olsen Drive. With over 10,000 customers worldwide, Splunk is a provider of the leading software platform for real-time Operational Intelligence. 500 Santana Row is scheduled to deliver in 2016 and features six levels of office space above a four-level, below-grade parking garage containing approximately 670 spaces. The all concrete structure features 13-foot ceiling heights, a modern glass curtain wall, private terraces, private bicycle lockers and showers, and is built to a LEED Gold standard. 500 Santana Row was designed by WRNS Studio, a San Francisco-based architectural firm, and is being built by Devcon Construction, a Bay Area general contractor; both are managed by Federal Realty and its development consultant, Westwood Interests. Newmark Cornish & Carey represented Federal Realty and Splunk.
“We’re delighted to welcome Splunk to the Santana Row community,” stated Jan Sweetnam, Vice President-West Coast Chief Operating Officer for Federal Realty Investment Trust. “Splunk is exactly the type of leading, dynamic company that we targeted when we designed 500 Santana Row. Splunk’s employees will have a tremendous work environment and will be able to take advantage of the built-in campus here at Santana Row with numerous choices for lunch, dinner, or after work socializing; a place to work-out; a broad selection of shops and services; and a hotel that accommodates meetings and overnight stays for visiting customers and vendors.”
500 Santana Row augments the office space offering at Santana Row, building off of the success of the 65,000 square foot 300 Santana Row and an additional 50,000 square feet of office space located on the second floor above Santana Row’s shops & restaurants. Other office tenants at Santana Row include international commercial real estate service firm DTZ, leading apartment REIT AvalonBay Communities, healthcare provider Satellite Healthcare, cloud computing security firm Elastica, medical device firm Si-Bone, credit reporting company Experian, and others. In addition to the 234,500 square feet of Class-A office space, 500 Santana Row will add almost 500 net new parking spaces for patrons’ use on nights and weekends. Santana Row includes 70 shops, 20 restaurants, 9 personal service businesses, 615 rental apartments, 219 residential condominiums and the 214-room boutique Hotel Valencia.
“Our development of 500 Santana Row is a major job-generator for the City of San Jose and again demonstrates the attractiveness of mixed-use communities that bring together work space, retail shops, restaurants, services, housing and hotel in a walkable environment,” said Jeff Berkes, President-West Coast of Federal Realty Investment Trust. “We are very thankful to Splunk for their commitment to Santana Row and owe a debt of gratitude to Mayor Sam Liccardo and his Economic Development Team and our Councilmember Pierluigi Oliverio and his fellow Councilmembers for helping us make this happen.”
Splunk Inc. (NASDAQ: SPLK) provides the leading software platform for real-time Operational Intelligence. Splunk® software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. More than 10,000 enterprises, government agencies, universities and service providers in more than 100 countries use Splunk software to deepen business and customer understanding, mitigate cybersecurity risk, prevent fraud, improve service performance and reduce cost. Splunk products include Splunk® Enterprise, Splunk Cloud™, Hunk®, Splunk Light™, Splunk MINT and premium Splunk Apps. To learn more, please visit http://www.splunk.com/company.
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 90 properties include over 2,600 tenants, in approximately 21 million square feet, 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 48 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.