SANTA CLARA — A tech company that helps utilities and cities manage power, water and other resources has signed a lease that will enable it to relocate to a reviving office hub in the South Bay.
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Itron is moving to 3005 Tasman Drive in Santa Clara, part of a tech campus known as The Quad at Tasman, stated Cushman & Wakefield, a commercial real estate firm that arranged the rental transaction.
The tech company leased 56,300 square feet, according to Cushman brokers Chris D’Ambrosia, Mark Carnese, Brandon Bain and Erik Hallgrimson, the real estate agents representing the parties in the deal.
“This lease demonstrates the vibrancy of the Silicon Valley real estate market,” said D’Ambrosia, a Cushman & Wakefield executive managing director.
Itron is vacating 210 and 230 West Tasman Drive in San Jose, sites that are located a few miles away from the company’s future offices.
In January, another tech company, Ambarella, disclosed a decision to lease 57,900 square feet in the same Quad campus, taking space at 3001 Tasman Drive.
The Quad at Tasman totals 410,400 square feet and was once the headquarters of Silicon Valley Bank, a one-time Silicon Valley financial services high-flyer that collapsed and failed without warning in 2023 after a run on the bank.
Cushman & Wakefield brokers believe tenants remain interested in The Quad at Tasman.
“The competition for high-quality office space in this area is fierce, and this transaction further exemplifies the area’s desirability,” D’Ambrosia said.
The timing of Itron’s move to The Quad at Tasman wasn’t immediately known.
Itron offers technologies that provide innovative ways for utilities and cities to offer energy, water and municipal services.
“We connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive,” Itron states on one of the pages of its website.