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American Express Puts RidgePointe Over 50% Leased

BELLEVUE, WA-American Express Financial Advisors Inc. leases space on the first floor of the three-story, 50,000-sf building adjacent to Microsoft's Redmond, Wash. campus. Owned by Metzler North America, the building was completed in 2002 and is now 57% leased.

By Brian K. Miller | Updated on March 11, 2003

BELLEVUE, WA-American Express Financial Advisors has signed on for space in Metzler North America’s RidgePointe property, a three-story, 50,000-sf building at 156th Avenue NE and Bel-Red Road, adjacent to Microsoft’s Redmond, Wash. campus

American Express Financial leased 4,125 sf on the first floor of the building, bringing occupancy to 57%. Intel leases the third floor of the building. The entire second floor remains available, but listing brokers Kip Durrell and JJ Shephard of Pacific Real Estate Partners say that should chnage within the next 60 days or so.

The specifics of the American Express transaction were not released by the parties involved. The annualized triple-net asking rate for the space was $16 per sf, however, and net effectives are running at a 10% to 20% discount to asking rates when owner concessions (like free rent and above-standard tenant improvements) are figured into the deal. American Express was represented by Ray Attisha of Trammell Crow.

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