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REDMOND, WA-Though it doesn’t have much say in the matter, Eddie Bauer Inc. has agreed to sell its 232,700-sf, three-building headquarters here to Microsoft Corp. for $38 million. The sale is related to the Ch. 11 bankruptcy reorganization of the retailer’s Downers, Grove, IL-based parent company Spiegel Inc. The agreement, which includes a three-year, $9.3-million leaseback by Eddie Bauer that can be terminated without penalty after two years, needs court approval and may still be superceded by a better offer. If anyone steps forward with an offer of at least $38.9 million, an auction would take place Aug. 3. If Microsoft loses a bidding war, it would receive several hundred thousand dollars for the termination of the sale agreement and related expenses.The 20-acre Eddie Bauer headquarters is located across a highway (SR 520) from Microsoft’s main campus. Spiegel had CB Richard Ellis start marketing the campus for sale in December. Microsoft was seen as the likely buyer because it already owns several other land parcels surrounding the property.

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