The term of the lease is five years. Those involved in the deal wouldn't discuss the lease rate, but other familiar with the deal say AT&T renewed at between $22- and $23 per sf, making the five-year deal worth more than $8.3 million, not including owner concessions, which weren't immediately known but recently have included a month or two of free rent and a tenant improvement allowance.
Washington Capital Management manages the asset on behalf of its clients, which include union and corporate pension funds and high-net-worth individuals. AT&T Center is currently 99% leased.
Locally, Washington Capital clients own the Sun Microsystems Assembly Facility in the Sunset Corridor and are a joint venture partner with Greg Specht on a building leased to Nike in Beaverton Creek III. Last week, the firm announced the closing of its pre-arranged acquisition of the new 138, 432-sf InFocus headquarters building in Wilsonville, Ore. for $21 million.
AT&T Wireless was created in 1994 as the result of AT&T Corp.'s purchase of McCaw Cellular Communications. AT&T Wireless began trading on the New York Stock Exchange in April 2000.
David Squire of Grubb & Ellis Co. represented Washington Capital in the transaction. Jones Lang LaSalle represented AT&T.
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