A modern eight-story office building in the Santana Row neighborhood of San Jose is now fully leased, according to officials familiar with the property. The building, known as One Santana West at 3155 Olsen Dr., totals 370,000 square feet and was developed by Federal Realty Investment Trust.
The high occupancy rate highlights ongoing demand for office space in Silicon Valley, particularly in locations that offer a range of amenities and flexible leasing options. The building has attracted several notable tenants from various industries.
“One Santana is 100% committed,” Daniel Guglielmone, chief financial officer of Federal Realty Investment Trust, 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.
Tracey Solari, executive managing director at Newmark, said, “This building has set a new standard for Silicon Valley, attracting forward-thinking companies that prioritize employee experience and long-term growth.” David Sandlin, executive vice president with Colliers International, also commented on the location: “One Santana West is a great project in a great location. The building is in a location that is super-rich with amenities.” Sandlin added, “Companies really tend to gravitate to buildings that are rich with a lot of amenities.”
The brisk leasing activity followed Federal Realty’s decision to shift from seeking a single tenant for the entire building to offering space to multiple tenants. This increased flexibility led several companies—including PwC U.S. Group (141,000 square feet), Acrisure (29,000 square feet), Couchbase (23,700 square feet), Calix (23,000 square feet), Lathrop GPM (18,000 square feet), Pivot Interiors (15,000 square feet), and BetterHelp (10,400 square feet)—to lease space at One Santana West.
The property was reported as 80% leased in March 2025 and reached 89% by October 2025 before achieving full commitment recently. For more details see Mercury News.
