Lease Transactions
Transactions completed in the last 90 days include:
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Microsoft leased 126,000 s.f. of expansion space at Westlake /Terry Building in Seattle CBD.
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Yahoo opened a new Seattle office, leasing 115,000 s.f. at 112th & 12th in Bellevue CBD.
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Avanade leased 81,500 s.f. at 818 Stewart in the Seattle CBD, in a relocation from the World Trade Center in the Waterfront submarket.
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Wells Fargo renewed 79,000 s.f. at Civica Office Commons in Bellevue CBD.
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Captaris leased 54,885 s.f. at I-405 Corporate Center in Bellevue CBD, relocating from the Puget Sound Energy Building in the CBD.
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Onvia.com relocated from South Lake Union to 40,000 s.f. at the Medical Dental Building in Seattle CBD.
Several large transactions are in play:
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Amazon.com is rumored to be searching for approximately 1.0 million s.f. in South Lake Union, relocating and consolidating from locations in Beacon Hill and Seattle CBD.
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EPA is looking for approximately 150,000 s.f. within the Seattle Area.
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Key Bank is rumored to be searching for approximately 100,000 s.f. in Seattle, consolidating all locations in Bellevue and Seattle.
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Washington Mutual recently announced that they will cut approximately 380 jobs within the Seattle area which is estimated to result in approximately 80,000 s.f. in decreased demand.
Sales Activity
Building sales of note:
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Walton Street Capital sold Park Place (310,633 s.f., Class A), in December. Built in 1970, the Seattle CBD building was 78 percent leased when sold to Transwestern Investment Company for approximately $116 million ($373/s.f.).
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Goodman Real Estate, Inc sold a portfolio of four buildings (Maynard, Seattle Quilt, Grand Central, FX McRory’s) in Pioneer Square for a total of $53 million ($231/s.f.) to Intracorp Properties in October.
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Martin Smith, Inc. sold the Pacific Building (129,000 s.f., Class B) to Meriwether Partners, LLC for approximately $34 million ($264/s.f.) in December. The Seattle CBD building, built in 1971, was 85 percent leased.
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Grand Central Building (72,495 s.f., Class B) sold for $17.5 million ($241/s.f.). Built in 1949 the building was 95 percent leased at the time of sale.
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Fx McRory’s Building (88,946 s.f., Class B) sold for $17.1 million ($192/s.f.). Built in 1902 the building was 92 percent leased at the time of sale.
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In November, Razore Enterprises sold the Rabanco Building (50,531 s.f., Class B), located in the Bellevue CBD, to Stan Baty for approximately $16.75 million ($331/s.f.).
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Seattle Quilt Building (36,362 s.f., Class B) sold for $10.5 million ($289/s.f.). Built in 1905 the building was 96 percent leased at the time of sale.
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Maynard Building (31,522 s.f., Class B) was sold for $8 million ($254/s.f.). Built 1982, the building was 96 percent leased at the time of sale.
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