The 138,000-sf six-story building with views of Elliott Bay wasdeveloped by Selig Real Estate Holdings XXV, an entity of MartinSelig Real Estate, at a cost of $25 million after F5 Networkspreleased the entire building in October 2006. The lease was meantto provide expansion space for F5, whose three corporateheadquarters buildings are located adjacent to 333 Elliott.

Classmates is subleasing the top two floors. While Classmates'negotiated sublease rate was not revealed in F5's SEC filings, F5detailed its lease rate and has said it is "taking a loss" on thesublease. F5's starting annual rent, which it must start paying assoon as it occupies the building, is $3.43 million per year, whichworks out to $24.99 per sf, not including payment of certainoperating expenses, including utilities and real estate taxes, forwhich the company also will be on the hook. F5's base rent willincrease by $1 per sf every year of the 10-year lease, according toSEC documents.

Classmates Online is a part of Classmates Media Corp., which isa wholly owned subsidiary of publicly held United Online Inc. Thecompany is relocating in order to expand because it had run out ofroom at its Renton location near the Ikea retail store. The dealfor its new office space in Seattle reportedly includes signagerights.