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SEATTLE-The law firm Lasher Holzapfel Sperry & Ebberson has decided to remain at Two Union Square, signing a long-term lease for their existing 21,000-sf space on the 21st floor of the state-owned 55-story class A office building Downtown. “We were able to negotiate a much better transaction than if we just exercised our option,” says Dean Messmer, a principal with Lasher Holzapfel Sperry & Ebberson.

“This is a much more competitive market for tenants now than a few years ago,” adds the law firm’s broker in the transaction, Michael Dash of Cushman & Wakefield. “We did go to the marketplace looking for a quality alternative both economically and functionally, and we found that the existing space far outweighed the alterntives.”

Neither party revealed the lease rate on the transaction, but local brokers familiar with the tranaction say the lease rate was likely in the low-to-mid-$20s per sf per year on a full-service basis. Typical concession packages in the market have included above-standard tenant-improvement allowances and some free rent.

The 1.1-million-sf building completed in 1989 is one of a handful of top tier class A builidngs Downtown; however, while most of those builidngs have a vacancy rate in the mid single digits, Two Union Square is marketing 250,000 sf, or 23% of the building, including 63,000 sf of contiguous space. The listed full-service rate ranges from $26 to $40 per sf per year.

The building is located at 601 Union St. and is owned by the Washington State Investment Board. The leasing assignment is handled by Washington Holdings. C&W’s Dash was assisted by partner Garth Olsen.

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