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January 31, 2018

Analog Devices signs big Santa Clara lease, will relocate 930 employees

The Mercury News

George Avalos

SANTA CLARA - Analog Devices has struck a deal to lease two large office buildings in a gleaming new Santa Clara office complex for more than 900 employees, the company said Wednesday.

Massachusetts-based Analog Devices, a maker of integrated circuits, said it has leased an office building at 2555 Augustine Drive and another at 2565 Augustine Drive. Both buildings are in the Santa Clara Square project, near the interchange of U.S 101 and Bowers Avenue.

"Our plans to move to this new space in Santa Clara signify an important step in our combination with Linear Technology," said Karen Marinella Hall, a spokeswoman for Analog Devices.

Analog Devices in March 2017 completed a $14.8 billion cash and stock deal to buy Milpitas-based Linear Technology, a maker of integrated circuits.

"We are co-locating our 930 West Coast employees, now located in San Jose and Milpitas, to a new state-of-the art facility in Silicon Valley," Hall said.

Analog expects to move into the new offices it leased by sometime in November, Hall added.

The total size of the lease by Analog Devices was roughly 444,000 square feet. Each building rented by Analog is about 222,000 square feet, according to a Santa Clara Square marketing brochure by project developer Irvine Co.

The transaction marks one of the largest Silicon Valley leasing deals so far in 2018. CBRE, a commercial realty brokerage, is marketing the office buildings in the project.

Santa Clara Square's major office tenants include Veritas, Ericsson, AMD, Hitachi and Amazon. Amazon agreed to occupy space through a sublease from Ericsson.

The project offers a variety of goodies to entice corporate tenants. Whole Foods has leased space in Santa Clara Square for a grocery store. The development also contains numerous dining choices and on-site fitness centers.

Santa Clara Square eventually could evolve into an urban village, because developers are also adding housing to the mix in the form of up to 1,800 residential units. The first of the apartments should become available sometime this summer, according to an Irvine brochure.

"Irvine knew what they had with this premier location," said Chad Leiker, first vice president with Kidder Mathews, a commercial realty brokerage. "It's no surprise that this office project is getting leased up so quickly."

The development contains eight office buildings and is 91 percent leased, according to Irvine. It also has multiple parking garages.

"Santa Clara Square is new, and it's fresh, and it's designed to appeal to tech employees," Leiker said. "With the housing, retail, and restaurants, it encompasses what Silicon Valley companies desire."

Analog Devices uses its integrated circuits to solve an array of engineering challenges. The company's circuits bridge the digital and physical world with technologies that can sense, measure, power, connect and interpret.

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"We expect that great innovation will be the result of our talented employees working side by side together every day," Hall said.

For the full story, go to The Mercury News.

© 2018 Digital First Media

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