X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BELLEVUE, WA-The Summit, a two-building office complex scheduled to open Sept. 18 Downtown, has snared three new tenants.

Captaris, a publicly-traded software company, will relocate its corporate headquarters from 11410 NE 122nd Way in Kirkland. It has inked a deal to occupy 61,000 sf.

The law office of Perkins Coie plans to move from One Bellevue Center and lease 40,000 sf, while JPC Architects will be leaving its Redmond home to occupy 11,000 sf, according to Lisa Rowe, vice president for leasing at Bentall Capital U.S. Inc., the project developer.

Rowe declined to release deal values, but says the going rate for class A office space in the Bellevue CBD is roughly $21 to $25 per sf. She describes the leasing environment “as tough” but counts herself fortunate to be negotiating on behalf of a quality project.

Only 20,000 sf of leasable space remains at The Summit, and Rowe says she expects to make an announcement regarding a restaurant deal in the very near future.

While several major Eastside office construction projects stopped, including the Technology Tower and Lincoln Square, construction of The Summit has continued. It was scaled back from 525,000 sf to 256,00 sf and is scheduled to open Sept. 18. The Summit is now 94% leased at a time when the vacancy rate for office space Downtown is at about 25%. The 286,000-sf project will be named the Puget Sound Energy Building after its largest occupant.

Troy Gessel of Pacific Real Estate Partners represented Perkins Coie. John Black and Paul Jerue, of the Broderick Group represented Captaris. Brokers Bill Pollard and Kip Durrell, also of Pacific Real Estate Partners, are the leasing agents for The Summit.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.