Acrisure Brightens Bay Area Office Market: Amid the challenges facing the Bay Area’s office market, Acrisure, a rapidly expanding fintech and insurance company, has injected optimism by securing a lease for 29,000 square feet in One Santana West, a new office building adjacent to Santana Row. This move serves as a counterpoint to the prevailing gloom in the region’s commercial real estate sector.
The new office space, strategically located across the street from Santana Row, offers Acrisure a blend of modern workspace and proximity to vibrant amenities. Jennifer Anderson, Managing Partner at Acrisure, expressed excitement about the offices, emphasizing the walkability to Santana Row and the appealing amenities available.
One Santana West, developed and owned by Federal Realty Investment Trust, had initially aimed to attract a major tech tenant to occupy the entire 375,000-square-foot building. However, shifting dynamics in the wake of the COVID-19 pandemic prompted a change in strategy for 2022. Federal Realty adjusted its approach, opting to offer smaller chunks of space to attract multiple tenants.
Acrisure’s decision to establish a regional headquarters in San Jose aligns with its need to have a presence in Silicon Valley as a fintech company. The company plans to consolidate eight existing offices in Northern California into the new regional headquarters.
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Dan Michelini, an Acrisure Managing Partner, noted that after a six-month search for office space, they concluded that One Santana West was the ideal location for their regional headquarters launch. Acrisure expects to move approximately 150 employees to the leased portion of the second floor and anticipates being operational in mid-April.
Federal Realty’s efforts in creating amenities within the building and Santana Row were praised by Michelini, who believes it will provide a conducive environment for employees to work, take breaks, and maintain a healthy work-life balance. Acrisure, a privately held company, has experienced significant growth, with annual revenue rising from $38 million in 2013 to an expected $4.4 billion in 2023.
As Santana Row gains a new tenant, this development stands out as a positive signal for the Bay Area’s office market, showcasing that well-designed spaces with modern amenities still attract businesses looking for a vibrant work environment. Acrisure’s choice to establish its regional headquarters in One Santana West contributes to the area’s resilience and continued appeal despite broader market challenges.