AI software firm moves HQ to Santana Row in San Jose with office lease

SAN JOSE — A fast-growing artificial intelligence tech company has leased a sizeable chunk of space in a new San Jose office building that’s next to the Santana Row mixed-use destination neighborhood.

Couchbase has leased 23,700 square feet in the One Santana West office building at 3155 Olsen Drive in San Jose. The building is across the street from Santana Row.

The tech company, which provides software, database and cloud services, is taking space on the first floor of the eight-story office building, according to Federal Realty Investment Trust, which is the principal owner and developer of the office building and the adjacent Santana Row.

“We look forward to being a part of Santana Row’s walkable, neighborhood-like community, in a modern office space providing employees an efficient and attractive place to work,” said Couchbase chief people officer Fidelma Butler.

The tech company’s first-floor space is next to a fitness center, golf simulator and a cafe. One Santana West also accommodates outdoor pickleball courts on the site, which is at the corner of South Winchester Boulevard and Olsen Drive.

Couchbase will move its headquarters from Santa Clara to San Jose.

“We’re excited to welcome leading Silicon Valley innovator Couchbase,” said Federal Realty Chief Investment Officer Jan Sweetnam.

Couchbase provides a cloud-based platform for databases. Federal Realty executives had signaled

One Santana West, with the Couchbase deal, has extended a streak of rental agreements that are rapidly filling up the office building, which totals 376,000 square feet.

Besides Couchbase, these companies have agreed to take space at One Santana West

— PwC, a professional services titan, signed a lease during the spring to occupy 141,000 square feet.

— Acrisure, a fast-expanding financial technology and insurance company, leased 29,000 square feet in late 2023.

Newmark, a commercial real estate firm, arranged the Couchbase lease and has been successfully finding multiple tenants to occupy the One Santana West building.

“This world-class location meets the inflection point we are on as a company,” Couchbase executive Butler said. “We’re excited to continue on our growth trajectory in our new headquarters.”

Over the one-year period that ended in January 2024, Couchbase generated $180 million in revenue, up 16% from the $154.8 million in revenue from the prior one-year period that ended in January 2023, according to the Yahoo Finance site.

The Couchbase deal offers a significant counterpoint to the sky-high vacancy rates, slumping values and increasing foreclosures that haunt the Bay Area office market. The worst problems by far are in San Francisco.

The One Santana West building, located next to Santana Row and its shops, restaurants, hotel facilities, entertainment hubs and open spaces, has managed to navigate the headwinds that buffet the Bay Area office market.

“Santana West delivers on every reason to want to come into the office,” Federal Realty executive Sweetnam said.