SANTA CLARA — A tech company that aims to use artificial intelligence for applications such as smart cameras has leased a building in a Santa Clara office campus where a failed bank had its headquarters.
Ambarella has leased 57,900 square feet at 3001 Tasman Drive in Santa Clara, according to a regulatory filing.
Santa Clara-based Ambarella is already located in Santa Clara at 3101 Jay Street, where the tech company now occupies 61,700 square feet, an annual report the company filed with the SEC shows.
The leasing transaction enables Ambarella to shift its headquarters location within Santa Clara.
The new Ambarella headquarters will be in The Quad at Tasman, which totals 410,000 square feet. For numerous years, Silicon Valley Bank was headquartered in the office complex until the bank failed in 2023.
Commercial property brokers from real estate firms Newmark and Cushman & Wakefield arranged the lease. The brokers were Phil Mahoney and Ben Stern of Newmark and Erik Hallgrimson and Brandon Bain of Cushman & Wakefield.
The rental agreement is expected to total eight years and eight months and is due to begin sometime around September of this year. Ambarella also has an option to extend the initial lease by five years.
Unspecified improvements to the new offices must be completed first, the SEC documents show.
Ambarella might be able to employ 230 to 290 workers at the offices it has just leased, based on typical employee ratios for office buildings.
In September 2024, South Bay Development Co. paid $51 million for The Quad at Tasman, an office complex a short distance from Levi’s Stadium, documents filed on Sept. 18 with the Santa Clara County Recorder’s Office show.
In 2020, TMG Partners paid $152 million for the complex. This suggests The Quad’s value has plunged 66% below what it was in 2020.
Ambarella is a semiconductor company whose devices can be used in an array of applications.
Over the 12 months ending in July 2024, Ambarella lost $157.5 million on revenue of $252.5 million, according to the Yahoo Finance website. For the one-year period that ended in January 2024, Ambarella lost $169.4 million on revenue of $226.5 million.
“Our technologies make cameras smarter, enabling features like person detection, object classification, analytics, and more,” Ambarella states on its website.