1144 Eastlake Signs Inaugural Tenant

Syrdal tells GlobeSt.com that 1144 Eastlake's 80,811 rentable sf, was officially available for occupancy on the last day of October—and it is now in the process of building out improvements for its first tenant, Zymogenetics. The bio-tech company has signed on for the 15,415 sf fifth floor, an adjunct to its headquarters down the street.

"The neighborhood has an interesting tenant mix," says Syrdal, "from the bio-techs to the (Bill) Gates Foundation. We're also trying to accommodate tenants who'd like to move here from downtown because of the livability factor." By way of expounding on 'livability," Syrdal says some of Seattle's high rise tenants find it takes 20 minutes to get from their cars to their offices, whereas parking is more plentiful and accessible in South Lake Union.

While he was unable to cite details of the Zymogenetics lease, Syrdal says asking rents aren't what the developers envisioned when they broke ground late in the summer of 2000. "They have definitely changed with the market," he explains. Current market-adjusted rates are $24 per sf to $28 per sf NNN for office space, depending upon the floor and $20 per sf NNN for the ground-floor retail area.

Despite the adjustment from original projections (which Syrdal did not offer), he says, "We're fortunate that we've been able to maintain pretty good levels. The rates are lower, but they're comfortable, and we're getting tenant interest."

Baugh Construction Co. was the general contractor on the project, which was designed by Lance Muller & Assoc. KPFF Consulting Engineers handled the structural components, with geotechnical engineers Geotech Consultants and Mountain States Electrical Contractors Inc. rounding out the development team.

Syrdal is internally responsible for the property's lease-up. Tim Foster and Rich Mermelstein, brokers with the Seattle office of Colliers International, are also marketing 1144 Eastlake.