X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FACTORIA, WA-Sterling Plaza One has signed a five-year lease renewal with its largest tenant, EarthLink Inc. The regional customer support-call center office of the Atlanta-based Internet service provider occupies 65,000 sf in the six-story office building at 3535 128th Ave. With the renewal, the 132,240-sf building is fully leased.

The leasing agent for Sterling Plaza, Richard Larson of Colliers International’s Bellevue office, says EarthLink’s gross price per sf was “in the low 20s.” The building’s owner, Sterling Realty Organization Co. of Bellevue, has a sister building in the works on the same site. The five-story Sterling Plaza II broke ground in July and is set for completion in February. It will contain 100,000 sf of office space, which has already been leased to a single tenant, Stamps.com, an Internet provider of mailing and shipping solutions for businesses.

When asked what special provisions Sterling requires of dot-com tenants, Larson answered that letters of credit in the $500,000 to $1M million range are generally negotiated. Though he wasn’t sure of the exact amounts asked of EarthLink Inc. and Stamps.com, he remarked, “since (dot-coms) are such a risk, I’m sure they had to put quite a bit down.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.