Metzler managing director Jeff Taylor tells GlobeSt.com negotiations are underway with three tenants, one that wants the whole building and two and each want full floors. "So we're seeing who steps up to the plate first," says Taylor. The company anticipates tenant announcements by the end of March. Annual triple net sking rates are in the "high teens," says Taylor.
The building was designed by Baylis Architects and built by Baugh Construction. It includes underground, secured parking with an overall ratio of 4.25:1,000 SF. Bill Pollard and Kip Durrell of Pacific Real Estate Partners are the listing agents for the property.
The interest in the property is coming despite high vacancies on the Eastside. Taylor says RidgePointe has a unique location advantage being adjacent Microsoft's campus as opposed to Downtown Bellevue, where there is much space available. As well, says Taylor, Metzler is planning to hold the property long-term, which means it can be much more flexible on lease terms than a merchant builder.
RidgePointe is the latest suburban class A office building constructed by Metzler. Last year, the firm completed and leased the 610,000-sf LakeRidge Square office project in Redmond WA. LakeRidge Square is fully occupied by Microsoft.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
