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U.S. Bank Centre Faring Well in Tough Market

SEATTLE, WA-Having relied on traditional tenants, the 44-floor property owned by Bentall U.S. is virtually full and commanding gross rentals in the range of $33 per sf to $46 per sf -- a noteworthy feat in a market plagued with more than 5 million sf of sublease space.

By Janet Parker | Updated on September 12, 2001

SEATTLE, WA-While Puget Sound is wading though an office market with double-digit vacancy rates and more than five million square feet sublease space, some buildings still manage to prosper. One of those is the U.S. Bank Centre building at 1420 Fifth Ave. in Seattle’s central business district. Key ownership of the property built in 1989 is held by Bellevue-based Bentall U.S.

Pat Pendergast, a broker with Seattle’s Washington Partners, is one of the Centre’s outside leasing agents (Bentall handles much of its leasing internally). Pendergast tells GlobeSt, “The building has a few areas for sub-lease, but not a lot. Officially, the building is probably 99% full.” The reason, he explains, is that most of the tenants here are from the old guard. “It never did much in the way of high-tech or dot-com deals. And, most of its traditional tenants have maintained their size, or grown so that when some space did come available, it was taken up.”

The broker believes the only direct space that will be available in the 44-floor tower any time soon is on the fourth floor. The 8,518-sf suite 400 is currently occupied by the local law firm of Dorsey Whitney. That firm is not moving out but moving up where it will be occupying a larger space. The size of the new space was not immediately available.

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