Big Splunk expansion at San Jose’s Santana Row set for February

SAN JOSE — Splunk, an up-and-coming tech company, will soon
move into a striking new office building in west San Jose’s
Santana Row, and a big office project that broke ground this year
across the street from the iconic mixed-use complex remains on
track, executives told Wall Street analysts on Thursday.

Sometime in early 2020, software and cloud services company
Splunk is expected to move into its large new offices at 700
Santana Row in San Jose, according to executives with Federal
Realty Investment Trust, the development firm that owns Santana
Row.

“Hopefully, on Feb. 1, the space at 700 Santana Row will be
turned over to Splunk,” Donald Wood, chief executive officer with
Federal Realty, said during the conference call to discuss the
company’s third-quarter financial results.

At the same time, across the street on the other side of South
Winchester Boulevard, Federal Realty continues its brisk
construction of an office building that will total 360,000 square
feet when it’s completed in 2021, materials prepared for the
third-quarter conference call show.

The One Santana West office building is part of a wide-ranging
development effort that’s being undertaken in multiple U.S.
states by Federal Realty.

“On schedule and on budget” was how Wood described the
progress of 700 Santana Row, One Santana West, and several other
projects around the country.

San Francisco-based Splunk has leased 301,000 square feet at an
under-construction San Jose office building, 700 Santana Row. The
site of its next office building is a short walk from its current
San Jose location at 500 Santana Row, a 235,000-square-foot
building that Splunk already rents.

Splunk will occupy both office buildings, marking an expansion
after it moves into the 700 Santana Row offices in February.

The two Splunk-leased buildings are part of the Santana Row
center of offices, shops, restaurants, housing, and hotel
spaces.

“Our balance sheet at the end of the quarter shows nearly $700
million of construction in progress,”  Wood said during the
conference call. “We have a ton going on at this point in
time.” That includes the company’s projects at and next to
Santana Row.

 

 

 

Source: FS – All – Real Estate News 1
Big Splunk expansion at San Jose’s Santana Row set for February