Equity Office Retains Confidence in Seattle Market

SEATTLE, WA-Timothy Callahan, president and CEO of Equity Office Properties Trust, the second-largest property owner in the Seattle market, is downplaying these days the perceptions of some that Seattle is being built out. In recent public discussions, Callahan said Equity Office has “continued to see demand being very healthy” in Seattle, and cited the fact that EOP recently brought two properties online in Bellevue fully leased.

Callahan says shakeouts in the Internet and technology industries have certainly affected the office space sector in all 20 of the markets in which EOP operates. However, he stated that EOP has always had a strong credit culture with stiff underwriting and credit requirements. With many e-businesses and tech companies, EOP performs a review of the companies’ business plans and financial backing, often requiring letters of credit for the commission of tenant improvements and to cover rents for often a period of one year.