The 1.1-million-square-foot building was known until recently as Washington Mutual Tower. About 10% of its space is currently being marketed for lease, according to officespace.com. The negotiated lease terms were not disclosed but standard concessions these days include, lower rent, several months of free rent and, if the owner can afford it, a tenant improvement allowance as well.
"It was a very competitive market that we had to work in," Wright Runstad president Greg Johnson told the Seattle Times. The lease will run into the 2020s, he said. Perkins' local managing partner told the newspaper that its space will be renovated and reconfigured as part of the deal.
Lease rates have dropped and vacancy rates have climbed, and would have done so even without several new speculative office buildings coming online and Washington Mutual going under, albeit not quite as sharply.
Kip Spencer, co-founder of officespace.com, told the newspaper he was not surprised by the renewal. "The landlord would not want to lose a marquee tenant like that in this market," he said. "Rest assured they did everything they could to keep them."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
