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Regus Leases 96,000 SF for CBD Business Center

SEATTLE-London-based Regus has signed it largest U.S. lease ever, picking has up nearly 100,000 sf in the Seattle CBD. The international business center operator is making headway in its plan to penetrate the U.S. market.

By Janet Parker | Updated on February 06, 2001

SEATTLE-Regus, a multi-national operator of fully equipped business centers, has sublet 96,000 sf here, its largest, single lease to date in the United States. The space, which will be converted to office facilities for rent by the hour, day or month, is located at 1100 Dexter Ave. N. in the Seattle CBD.

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.

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