SEATTLE, WA-Timothy Callahan, president and CEO of Equity Office Properties Trust, the second-largest property owner in the Seattle market, is downplaying these days the perceptions of some that Seattle is being built out. In recent public discussions, Callahan said Equity Office has “continued to see demand being very healthy” in Seattle, and cited the fact that EOP recently brought two properties online in Bellevue fully leased.

Callahan says shakeouts in the Internet and technology industries have certainly affected the office space sector in all 20 of the markets in which EOP operates. However, he stated that EOP has always had a strong credit culture with stiff underwriting and credit requirements. With many e-businesses and tech companies, EOP performs a review of the companies’ business plans and financial backing, often requiring letters of credit for the commission of tenant improvements and to cover rents for often a period of one year.

Deutsche Banc Alex Brown analyst Lou Taylor last week recommended a “Strong Buy” recommendation for the REIT. Chicago-based Equity Office Properties Trust (NYSE: EOP) is the nation’s largest publicly held owner and manager of office properties with a national portfolio of 380 buildings comprising 99.1 million square feet in 24 states and the District of Columbia. Equity Office has an ownership presence in 37 Metropolitan Statistical Areas and in 105 submarkets.

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