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BELLEVUE, WA-GE’s Business Asset Funding unit, nearing the end of a 10-year lease, has signed a long-term renewal for 121,432 sf it controls in Skyline Tower, a 407,000-sf Downtown Bellevue office building owned by Seattle-based Unico Properties.

GE leases all of the third-thorugh-seventh floors in the 24-story building and portions of the top two floors. The 400,000-sf building remains 92% leased in a market with an average vacancy closer to 25%.

GE Business Asset Funding was represented locally by Bill Pollard and Steve Gilbert of Bellevue’s Pacific Real Estate Partners who brokered the deal. Sandy Monaghan of GMH Capital Partners represents the company nationally.

Unico says the lease deal is the largest renewal in the Eastside market since January 2002. The term and rate of the agreement is not being released by the parties involved and was not otherwise immediately available. GlobeSt.com will speak with Unico executives about the transaction and the Eastside office market in general and will follow up this story with a more in-depth piece on Friday or Monday.

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