Until recently, Onyx's 105,000-sf office space in Sunset North Building 3, on Southeast Eastgate Way, was available for sublease for about $20 psf. However, Onyx was unable to unload the space.
Equity Office Properties, which owns the campus, has agreed to allow Onyx to break its lease more than three years early under the condition that the company returns the space to Equity and pays approximately $2 million for breaking the lease.
Onyx, a provider of CRM solutions, will relocate its entire headquarters to Hines Development's new One Twelfth at Twelfth complex, a 480,000-sf project in downtown Bellevue. The company has not specified how much of the space it will occupy or how much it will sublease.
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.
