Jan Sweetnam, Executive Vice President and Chief Investment Officer at Federal Realty, shares insights on Santana Row‘s success. “The lease with PwC at One Santana West reveals the market’s appetite for innovative spaces that meet the complex needs of today’s workforce. It confirms that our approach—developing environments where businesses don’t just operate in isolation but are part of a vibrant, thriving community—is resonating with leading companies,” Jan explains. This stance demonstrates Federal’s adeptness at anticipating and meeting the evolving preferences for workspaces that blend professional productivity with personal well-being.
“The lease with PwC at One Santana West reveals the market’s appetite for innovative spaces that meet the complex needs of today’s workforce.”
Jan Sweetnam, Executive Vice President and Chief Investment Officer
PwC’s Next Chapter
Speaking with The Mercury News, Monica Nayar, managing partner of PwC’s Silicon Valley office, delved into the thinking behind their relocation. “Our new space in One Santana West reflects the growth of our team, supporting our expanded engineering capabilities and innovation efforts,” Monica shared. This decision not only speaks to the attractiveness of One Santana West but also aligns with Federal’s mission to provide environments that are conducive to creativity and growth.
Monica further elaborated on what makes One Santana West the perfect fit for PwC’s future. “The space will be experience-centered, tech-enabled, and offer customization, connection, and variety,” she explained. “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.”
Importantly, this move will bring approximately 1,200 PwC professionals to Santana Row, thereby enriching the community with a fresh influx of talent and energy.
Beyond Office Space
The appeal of Santana Row and, by extension, One Santana West, lies in its unique mix of professional and lifestyle features. The office building, distinguished by its LEED Gold certification, modern architecture, and thoughtful design, sits among over 100 retail and dining options, luxury residential units, and a boutique hotel, creating an unparalleled ecosystem for companies and professionals alike.
Highlighting the strategic value of Santana Row, San Jose Mayor Matt Mahan emphasized its role in defining future workplace environments. “Mixed-use, urban, vibrant, walkable spaces like we have here at Santana Row will define the future of work,” Mayor Mahan stated in an interview with The Mercury News. “People want to be in areas that are interesting, that have amenities, and allow them to mix work and socialization.” This perspective is not just theoretical; the positioning of Santana Row has indeed delivered an impactful punch on the city’s newly rejuvenated office draw, showcasing its real-world influence on the local commercial landscape.
Forward Momentum
The partnership with PwC, securing nearly 40% of One Santana West, comes alongside a lease from Acrisure, a notable player in the fintech and insurance sector, which took 29,000 square feet in December 2023.
Together, these agreements have propelled the building to nearly 50% leased. “Securing PwC and Acrisure at One Santana West not only showcases our capacity to attract esteemed partners but also underscores the strategic depth with which Federal Realty approaches the marketplace. These ties underline our leadership in adapting to commercial real estate trends and crafting premier destinations. This achievement goes beyond filling space—it enhances our mission to foster communities that boost economic vitality and deliver exceptional stakeholder value, elevating our portfolio’s standard,” Jan concludes.
