RealNetworks, headquartered in the Trade and Technology Center near Pier 70, stepped into the space previously occupied by Visio Corp. after being acquired by Redmond-based Microsoft Corp. last year. Several months ago, the company was generating rumors it was looking for up to 650,000 sf of additional space to accommodate an anticipated expansion – an aggressive plan now lies among the clutter of abandoned dot-com spaces.
Rob Aigner, executive managing director of the Seattle office of Colliers International says the return of the space will definitely affect the market, but just how much is unclear. Colliers is in the process of putting together a study that will give Aigner a better handle on the impact of the steady stream of new sublease space.
"It will be interesting to see if the (RealNetworks') space comes back at or below market because that will affect the primary market. We know the patient is bleeding", says Aigner, "We're just trying to figure out how deep is the cut."
Charged with finding replacement tenants for RealNetworks is Doug Hanafin of Washington Partners Inc. in Seattle. Neither Hanafin nor RealNetworks was immediately available to discuss asking prices or other details. At last glance, asking rates on direct leases of Seattle CBD Class A properties ranged in the mid- to upper-$40s.
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