Federal Realty, the owners of Santana Row have announced plans to build a 5-story office and retail project on a one-acre site within the complex.

The building will feature 4-stories of office in a 15,000 SF floor plate above 15,000 SF of ground floor retail. The steel construction building is estimated to cost approximately $42M and is anticipated to be complete by the end of 2009. The parking is already tight in Santana Row so FRIT (Federal Realty) has intentions to add a 90 car parking garage to what will likely be exclusive parking for the office tenant(s).

Rents have not yet been announced but based on the construction costs, it can be safe to assume that office lease rates will likely be at or north of $3.50 NNN.

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