The asking rate for the space is $19.50 per sf per year, fully serviced. The brokers involved in the transaction were not immediately available for comment; however, local brokers familiar with the property tell GlobeSt.com the net effective rate is probably about 5% below that figure.
Tom Remley of Grubb & Ellis represented Verizon in the lease negotiations. Pacific NW Properties was represented in-house by Tom Stern.
The lease leaves about 36,000 sf available in the building. The average vacancy rate in the 2.2-million-sf I-217 Corridor is about 18% and on the decline, according to current data from Grubb & Ellis.
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