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Morgan Stanley Extends 31,000-sf Downtown Lease

SEATTLE-With the overall vacancy rate in the Seattle's CBD hitting 13% and rents adjusting downwards accordingly, Peter Truex says it was a good time for his client "to explore an early lease renewal" on its space in Two Union Square.

By Janet Parker | Updated on December 21, 2001

SEATTLE-In a time when many central business district buildings are suffering gaping vacancy wounds, the re-signing of a tenant with credit strength is cause for at least a minor celebration. And though most of Two Union Square’s 1,126,428 rsf is occupied, the five-year 31,036-sf lease extension by Morgan Stanley Dean Whitter is, nonetheless, welcome.

Peter Truex, Sr. VP with the Staubach Company, together with associate Sean Barnes, worked the deal on behalf of the tenant. Truex tells GlobeSt.com the financial services company (which Staubach represents in the Northwest) has resided in Two Union Square for a solid decade — since shortly after the 56-story tower was completed in 1989.

“Morgan Stanley took a look at their options throughout the market and elected to work with Unico and re-sign here because the real estate works for them and clients,” says Truex, adding that with the market being what it is, “It was a good time to renew.”

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