San Jose office building becomes Silicon Valley success story
SAN JOSE — A modern eight-story office building that’s part of the Santana Row neighborhood in San Jose has become a Silicon Valley success story with bustling rental activity that’s poised to completely fill it up, according to officials familiar with the property.
Totaling 370,000 square feet, One Santana West at 3155 Olsen Dr. was developed by Federal Realty Investment Trust, the developer and principal owner of Santana Row.
“One Santana is 100% committed,” Daniel Guglielmone, Federal Realty’s chief financial officer, said during a Feb. 12 conference call with Wall Street analysts to discuss the company’s fourth-quarter financial results.
“Committed” typically describes leases that are signed by all parties or are in the very last stage of being fully executed.
Newmark commercial real estate executives Tracey Solari and Todd Shaffer were marketing the building to tenants.
“This building has set a new standard for Silicon Valley, attracting forward-thinking companies that prioritize employee experience and long-term growth,” said Solari, a Newmark executive managing director.
The building is the forerunner of an expansion of Santana Row, a mixed-use neighborhood that features shops, restaurants, housing, offices, a hotel, and a movie theater near the corner of Stevens Creek Boulevard and South Winchester Boulevard in West San Jose.
“One Santana West is a great project in a great location,” said David Sandlin, an executive vice president with commercial real estate firm Colliers International.
The office hub is not only part of Santana Row, it’s also just down the street from the Westfield Valley Fair shopping center.
“The building is in a location that is super-rich with amenities,” Sandlin said.
One Santana West has been filling up steadily with tenants in recent years.
The brisk leasing activity in the building occurred after Federal Realty decided to pivot away from its original strategy to lease the entire building to a single tenant. The company decided to make chunks of the office space available to multiple tenants.
The increased flexibility prompted numerous companies to scout One Santana West as a new location for their operations.
Some of the notable leases include PwC U.S. Group, a professional services company that leased 141,000 square feet; Acrisure, a financial technology and insurance company that rented 29,000 square feet; Couchbase, an AI company that leased 23,700 square feet; Calix, a company that offers cloud services that rented 23,000 square feet; Lathrop GPM, a law firm that leased 18,000 square feet; Pivot Interiors, a workspace design firm that leased 15,000 square feet; and BetterHelp, an online therapy company and unit of Teledoc that rented 10,400 square feet.
One Santana West was 80% leased in March 2025. By October 2025, Newmark executives reported that it was 89% leased. Now, the finance chief for Federal Realty says the building is out of available space.
“Companies really tend to gravitate to buildings that are rich with a lot of amenities,” Sandlin said.