Boeing Extends Two Renton Place Lease

RENTON, WA-The Boeing Corporation will continue to occupy 130,700-sf Two Renton Place building deep into 2007, according to building owner HAL Real Estate Investments of Seattle. Boeing signed a 2.5-year extension of its current lease, which expires next May.Located in the city, Renton Place is comprised of three seven-story class A office buildings clustered at the bend of I-405. The value of Boeing’s lease transaction was not immediately available. One Renton Place has about 16,000 sf of vacancy and Three Renton Place is completely vacant. The gross asking rate is $19 to $21 per sf per year. “We had expected Boeing to vacate this space, but the recent upturn at their Renton plant has provided new energy in the market,” says Ed Hogan of CB Richard Ellis who, along with Geoff Pendergast, oversees leasing and sales for HAL Real Estate Investment’s Renton Portfolio.In addition to the nearly 400,000-sf Renton Place complex, HAL owns the vacant 75,000-sf Blackriver 800 building and the 201,000-sf Valley Office Park campus, headquarters of Wizards of the Coast. The overall class A vacancy rate in the Southend sub market is 24.5%, according to CBRE’s second quarter market report.