The leasing agent for Sterling Plaza, Richard Larson of Colliers International's Bellevue office, says EarthLink's gross price per sf was "in the low 20s." The building's owner, Sterling Realty Organization Co. of Bellevue, has a sister building in the works on the same site. The five-story Sterling Plaza II broke ground in July and is set for completion in February. It will contain 100,000 sf of office space, which has already been leased to a single tenant, Stamps.com, an Internet provider of mailing and shipping solutions for businesses.
When asked what special provisions Sterling requires of dot-com tenants, Larson answered that letters of credit in the $500,000 to $1M million range are generally negotiated. Though he wasn't sure of the exact amounts asked of EarthLink Inc. and Stamps.com, he remarked, "since (dot-coms) are such a risk, I'm sure they had to put quite a bit down."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
