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3155 Olsen Drive

Acrisure Leases 29,000 SF Office Space In San Jose's One Santana West
LEASEDOffice

Acrisure Leases 29,000 SF Office Space In San Jose's One Santana West

3155 Olsen Drive

Building Size

29,000 SF

Asset Type

Office

Closing

Dec 15, 2023

AI

Acrisure, a Michigan-based financial tech company, has leased 29,000 sq ft in One Santana West, an eight-story office building in San Jose owned by Federal Realty Investment Trust. The lease transaction was closed on December 15, 2023. The property is located at 3155 Olsen Drive in San Jose and is part of the San Jose market. One Santana West offers a total of 29,000 sq ft of office space.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not specified
  • Address: 3155 Olsen Drive, San Jose
  • Market: San Jose
  • Square Footage: 29,000 sq ft

Acrisure, represented by Jennifer Anderson, has chosen One Santana West to consolidate its local offices. The move is motivated by the location's appeal, Santana Row amenities, and proximity to the airport. Jennifer Anderson, one of Acrisure's managing partners, has emphasized these factors as key considerations for the company's decision.

Players

Todd Shaffer

Newmark

Broker

1 deal

Broker
Jan Sweetnam

Jan Sweetnam

Federal Realty Investment Trust

Landlord

$373.3M

vol

5 deals

Landlord
Acrisure
AcrisureTenant

San Jose Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93