Safeway will occupy 56,893-sf of space in the 147,000-sf building, which is located at 1445 120th Ave. N.E., north of Lake Bellevue. It plans to use the space as a beverage repackaging plant. The building is a former HomeGrocer.com warehouse that has been partially converted by Teledesic into office space.
A few years ago, Teledesic converted 50,000-sf of the building into office space and added a 22,000-sf mezzanine, bringing a total of 72,000-sf of office space to the building and increasing the total space to 147,000-sf from 125,000-sf. The company's lease agreement will not expire for another six years. The lease rate was not released, but asking rates in the area average about $34 per sf.
Insignia Kidder Mathews represented Safeway in the sublease agreement, while Steven C. Johnson & Associates and Raskin & Associates represented the Teledesic.
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.
