SEATTLE-Leasing agents are holding their breath as Nordstrom decides where it will house its administrative offices. Currently, the retailer’s operations occupy 260,000 sf at the Museum Plaza Building at 1321 Second Ave. in Downtown Seattle. Previous reports have Nordstrom moving its offices to a 23-story building now under construction at Seventh Avenue and Olive Way, a development said to be a joint partnership of Nordstrom and Clise Properties, Inc. Sources had said Nordstrom expected to move employees from Museum Plaza to 1700 Seventh Avenue beginning in the summer of 2001.

However, Denise Hoffman of Martin Smith Inc., leasing agent and property manager for Museum Plaza, said today they are “in negotiations with Nordstrom to extend their lease,” now scheduled to expire in February 2002. When asked about reports that Nordstrom was definitely moving, Hoffman responded, “People change their minds. They’re (Nordstrom) looking at staying.” Negotiations for extension include a price of $25 per sf, and a term running to or near 2010, when the building is expected to be demolished by its owner, the Seattle Art Museum. Housed adjacent to the Museum Plaza, the Seattle Art Museum board has voted to eventually expand onto the site now occupied by the office building, a fact all current tenants are aware of.

The Museum Plaza, like Nordstrom, is keeping their options open. Anticipating the possibility of losing the tenant that now occupies 85% of the building, Martin Smith, Inc. is negotiating with possible replacements. “We keeping lots of fingers out their just in case,” says Hoffman.

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