The three-story, 50,000-sf property is located at the intersection of 156th Avenue NE and Bel-Red Road, immediately adjacent to Microsoft's Redmond, Wash. campus. The value of the five-year deal was not disclosed, but the asking rate for that building is $20 psf. Over the last year, class A asking rates have fallen 20% and net effective rates are said to bring the rate down another 15% or more.

RidgePointe was designed with technology-driven companies in mind, according to Metzler managing director Jeff Taylor.

"RidgePointe is perfectly suited for those firms who want to make best use of their intellectual capital with the aid of the property's sophisticated tenant servicing capabilities," Taylor says. "The floor plate proved to be extremely efficient for Intel, which pleases us as our design goal from the beginning was to provide a very flexible and efficient workplace. And for companies who work closely with Microsoft, like Intel, RidgePointe's proximity to their world headquarters is a real plus."