Search
 

Developer Hopes to Lure Seattle Tenants North

LYNNWOOD, WA-Playing off the high rents and traffic woes of Puget Sound's central business districts of Seattle and Bellevue, Cosmos International expects to pull tenants to its newest Class A project now under construction.

By Janet Parker | Updated on June 14, 2001

LYNNWOOD, WA-At 230,531 sf, the Cosmos Lynnwood Center is to be the largest Class A office building to be constructed in the past decade in this city north of Seattle. Derek Heed, with Mike Shreck of the Bellevue office of Colliers International, is searching for tenants to fill the speculative building.

With the higher rent rates and traffic nightmares inherent in Puget Sound’s central business districts, Heed says he believes this development will lure Class A tenants to Lynnwood. “We are seeing good activity from Eastside tenants looking for renewal. It’s still cheaper up north, and a lot of companies’ employees live there. If they can get the Class A environment and amenities they’re used to, it makes sense to move,” says Heed, adding.

As for similar properties in the area, Heed says, “The closest comparable property are the two Fisher Business Center buildings located on 188th St. Built in 1984 and 1986, they each contain 98,518 rsf of Class A office space, with rents at $17.50 net.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.