Federal Realty has signed global fintech firm, Acrisure, as the first tenant for their One Santana West offices, located in San Jose’s Santana Row. Some key elements to note are:
- Acrisure will occupy 29,000 square feet of space and plans to move in by April 2024.
- The firm will consolidate eight existing offices in Northern California into this single location to enhance cohesion, collaboration, and innovation within the team.
- One Santana West consists of 375,000 square feet of space. Initially, Federal Realty planned to lease it to one or two large tenants, but this strategy was revised due to the COVID-19 pandemic and subsequent corporate downsizing.
This move signifies a potential shift in leasing strategies for commercial property firms, given the changing dynamics of the corporate landscape post-pandemic. Federal Realty’s leasing strategy was heavily influenced by the effects the pandemic had on tech companies, which resulted in laying off employees and downsizing offices. Adjusting this strategy may prove beneficial and necessary in attracting more potential tenants.
Acrisure’s Managing Partners of its West region, Jennifer Anderson and Dan Michelini, expressed excitement about their upcoming office consolidation. They believe that having all employees under one roof will foster innovation and collaboration, critical for meeting their clients’ needs and maintaining their expected service levels.
This agreement is an essential milestone for One Santana West as it secures its first tenant, potentially attracting more companies to lease space within the property. The arrival of Acrisure is expected to bring a new leasing energy to the area and provide a significant return on Federal Realty’s investment into the property’s development.
