BELLEVUE, WA-Equity Office Properties Trust has completed three renewal agreements in its Rainer Plaza and City Center buildings in Downtown Bellevue.
In the largest of the three deals, HDR Engineering renewed a 32,211-sf lease at City Center Bellevue for its regional offices. Current triple-net asking rates at the 472,000-sf office building are around $18 per sf.
At Rainier Plaza, MidStream Technologies renewed for 17,532-sf and the law firm Inslee, Best, Doezie & Ryder renewed for16,851 sf. Both firms keep their headquarters in the 431,000-sf building. Current posted triple-net asking rates at Rainier Plaza are around $21.50.
Vacancy rates in the Bellevue CBD were about 26% at the end of June. Asking rates are off at least 20% from last year and net effective rents are typically another 15% below that, such that many tenant are renewing their leases for at or below what they signed on for the last time around .