Although terms of the deal were not disclosed, the lessor says the rental rate was in step with the $30 to $36 per sf price range for longterm leases on comparable area properties.

The building had been occupied entirely by the Seattle-based software firm, WRQ. Ron Tilden, CFO of WRQ, tells GlobeSt.com that the company had leased the building for expansion, but doesn't need it at present. With WRQ's lease rate being substantially less than the current market, the decision was made to "squeeze everyone back and pick up the profit." A WRQ subsidiary, however, will remain in 21,000 sf on one floor of the five-story building, which it is leasing back from Regus. The 50 worldwide offices of the privately held company produce enterprise-level software for host access and enterprise integration.

Stephen Rothrock, Colliers International director of corporate services in Seattle, tells GlobeSt.com that the London-based Regus is looking to expand in this market and others. Rothrock expects another six Regus locations to open here over the next two years. Its entry into Seattle came with a 47,000-sf corporate center in the Columbia Tower. Key tenants there include Intel, Schwab and Avanad, a joint venture of Microsoft and Anderson Consulting, which occupies 25,000 sf. Rothrock adds that this transaction is significant in that most of Regus' competitors in this market are taking up smaller blocks of space, in the neighborhood of 15,000 sf. He says further penetration by Regus into this market and others is likely to come in larger chunks like this deal.