Bryan Hester and Bob Swain of CB Richard Ellis had the leasing assignment for the South Lake Union building, located at 1167 Mercer St. The duo recently signed Cure Water Damage to a five-year deal for the entire building. The locally based water damage contracting chain will relocate to the building from half as much space in the Fremont neighborhood in March 2004.
"We were excited to find a tenant that could utilize the entire building in its existing configuration," says Hester. Both Hester and Swain declined to comment on the negotiated lease rate. The annualized triple-net asking rate for the space was $10 per sf with $0.50 bumps every year.
Cure Water Damage president Rick Stonell says one of the benefits of the Messenger Sign building is its location. "It is extremely important we arrive at a customer's home or business within 90 minutes of their call," he says. "This South Lake Union location provides us with excellent freeway access to serve our customers efficiently."
In August, GlobeSt.com reported that Messenger paid $2.1 million for the 38,000-sf JH Carr manufacturing building on South Horton Street in Georgetown.
The seller, JH Carr, leased back the facility for about six months while they prepared to move into their own new facility in Kent, WA. Messenger initially will occupy approximately 20,000 sf of the JH Carr building and will lease the remainder to other tenants.
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