Monday, September 14, 2015

Splunk Is Leasing a 234,000 SQFT Santana Row Office Building!

The newest office building at Santana Row is getting a tenant well before construction is even completed, and it's a significant one. Splunk is a leading data mining company that went public in 2012. The company is currently headquartered in a 213,000 SQFT building in San Francisco. While they are not planning to move their headquarters, Splunk has decided to dramatically increase their investment in the South Bay and move their modest Cupertino operations to one of the most impressive office buildings in Silicon Valley.

The new building at 500 Santana Row has nearly a quarter million square feet and is situated at the tail end of the row with easy access to a couple dozen restaurants, premier shopping, and many other amenities. The office itself has every luxury feature a tenant could possibly want including 13-foot ceilings, outdoor terraces, and an onsite cafe. You can check out some of the renderings below.

This represents a huge win for San Jose and Santana Row. Splunk will bring as many as 1,300 high-paying tech jobs to San Jose with immediate access to San Jose retail. The city will get increased tax revenue from both the office component and sales taxes from Splunk's employees that are shopping and dining out. This double-dipping is one of the many benefits of mixed-use projects. The fact that this is a San Francisco company investing in building a quality outpost in the South Bay and not the other way around is also notable.

Sources: SVBJ, Hillrise from the San Jose Development Forum

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