Cushman & Wakefield brokers Mark McClung and Paul Carlson represented the tenant. "We found that with regard to traditional manufacturing and distribution space -- high cube space, dock-high doors and sufficient power -- there is not much inventory available," McClung tells GlobeSt.com. "The flex inventory is really skewing the numbers."
The relocation will occur in the fourth quarter. McClung says Pacific Northwest Properties let Glass Tech out of its current lease in order to accommodate the company at another of its facilities. "The reason we hit the market early was to take advantage of current rates," says McClung.
None of the parties involved would disclose the agreed upon lease rate for the space, which includes 5,000 sf of office, but others familiar with the deal tell GlobeSt.com the blended base rate is likely in the range of $0.50 per sf, not including owner concessions.
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