Santana Row office deal highlights potential
Officials say lease could entice more businesses to area
SAN JOSE >> A big lease by a professional services titan that will bring more than 1,000 jobs to Santana Row in San Jose shows amenities-rich office sites can prosper despite a wobbly Bay Area office market.
PwC U.S. Group has signed a large office deal at One Santana West, a transaction that, combined with a previously completed rental agreement, leaves the eye-catching new building nearly half leased. The office building is part of Santana Row, a mixed-use neighborhood that also includes shops and restaurants.
The professional services firm leased 141,000 square feet at the One Santana West office building, said Federal Realty Investment Trust, principal owner of Santana Row at Stevens Creek Boulevard and South Winchester Boulevard.
“PwC's move to Santana Row in 2026 will mark an exciting milestone for our Silicon Valley office,” said Monica Nayar, managing partner of PwC's Silicon Valley office. “Our new space in One Santana West reflects the growth of our team, supporting our expanded engineering capabilities and innovation efforts.”
The firm expects to shift 1,200 people to the One Santana West offices. The company's principal San Jose offices are currently in a downtown San Jose high-rise.
“Our custom-built office will feature an inclusive design that prioritizes a calming environment and supports a neurodiverse workplace,” Nayar said. “We're designing a space that caters to the unique needs of our people, cultivating a workplace experience that inspires and uplifts.”
Cushman & Wakefield, a commercial real estate firm, represented PwC in the transaction. Newmark, a commercial real estate firm, represented the landlord, Federal Realty.
The modern spaces at One Santana West will also enable PwC to create a cutting-edge workplace, the company said.
“The space will be experience-centered, tech-enabled, and offer customization, connection, and variety,” Nayar said. “We're also continuing to equip our people with the latest skills in generative AI, empowering them to deliver exceptional solutions for our clients. So it's the perfect time to reimagine our office.”
The leasing transaction by PwC represents a big win for Santana Row, a destination neighborhood in western San Jose. It's the second rental deal in the One Santana office building, which totals 376,000 square feet.
Acrisure, a fast-expanding financial technology and insurance company, leased 29,000 square feet in the office building, Federal Realty executives disclosed in December 2023.
Together, these rental agreements bring One Santana to about 45% leased.
The real estate executives involved in the transaction touted the amenities at Santana Row during the time that PwC and Acrisure were considering their respective leasing transactions.
“Santana West offers the ideal combination for companies seeking modern and efficient workspace and the deepest set of amenities available in the market,” said Jan Sweetnam, Federal Realty's chief investment officer. “Santana West delivers on every reason to want to come into the office.”
Federal Realty notes that Santana Row features 100 shops, dining establishments, salons and fitness centers, along with 834 homes, a boutique hotel and more than 1 million square feet of office space.
“This shows that if you do the right thing with positioning a building, which is what Federal Realty did, you can muster up some decent activity,” said Dave Sandlin, an executive vice president with Colliers, a commercial real estate firm.
At a time when numerous employees remain reluctant to spend more time in their formal workspaces, office building owners may need to make stronger cases for their properties in terms of their amenities.
“Santana Row continues to thrive,” said David Taxin, a partner with Meacham/ Oppenheimer, a commercial real estate firm. “The amenities are what people want. Restaurants, gyms, fine dining, entertainment, retail, fitness centers, those are all close to the office buildings.”