MUKILTEO, WA-Diligenz Inc. has expanded its headquarters lease at Harbour Pointe Tech Center. The facilitator of Universal Commercial Code searches added 16,623 sf to a five-year, 21,000-sf office lease it signed in the fall of 2002. Harbour Pointe Tech Center is a four-story, 335,000-sf building located on a 31-acre parcel at 6500 Harbour Heights Pkwy. in Mukilteo that is now about 40% leased. The property is owned by Dallas-based WiredZone Holdings, a real estate operating company capitalized by New York-based Apollo Real Estate Advisors LP and Dallas-based Prescott Realty Group. Gregg Riva, Stephen Rothrock, Derek Heed and Erin Conger of Colliers International represented WiredZone Holdings in the transaction. Riva tells that in addition to the expanded lease, Diligenz has options to expand into the rest of the building’s 77,000-sf fourth floor.WiredZone purchased the building in August 2000 from Raytheon, a Lexington, MA-based defense contractor, for $23 million and proceeded to invest several million more to prepare it for bandwidth-intensive, high-tech and telecommunications tenants. In November of that year, WiredZone landed its first and largest tenant, signing biotech industry supplier CombiMatrix to an eight-year, 85,000-sf lease. At the time, triple net asking lease rates for office space in the building were $18- to $20 per sf.Then the economy began to tumble, and the building’s next tenant, Diligenz, didn’t come until almost two years later. Now, another two years later, Diligenz and CombiMatrix remain the building’s only two tenants, and the triple net asking lease rate is $10- to $12 per sf, not including concessions.The good news is that activity has picked up significantly in 2004, in large part due to Boeing announcing that it will build its new 7E7 just a couple of miles away. “We’re talking to a number of would-be subcontractors,” says leasing broker Greg Riva of Colliers International. “The market seems to be improving.”

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