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AG's Office Changing Address, Lowering Lease Rate

SEATTLE-The state Department of General Administration has selected a lease proposal that, if approved, would move the state Office of the Attorney General into Bank of America sublease space catty corner from its current location.

By Brian K. Miller | Updated on January 18, 2005

SEATTLE-The state Office of the Attorney General would move its 98,600-sf Downtown location from 900 Fourth Ave. to 100,000 sf at 800 Fifth Ave. under a proposed sublease transaction with Bank of America. The 10-year proposal from Bank of America was one of 15 submitted to the state Department of General Administration, which negotiates leases on behalf of various state agencies. Steve Salyer, real estate manager for the DoGA, tells GlobeSt.com that BofA’s proposal has been selected as the front runner and a letter of intent should be signed in the next two weeks. While Salyer declined to talk about what the AG’s office has been and will be paying in terms of rent until the letter of intent is signed, he did say the lease rate would be substantially lower than it is currently paying. If finalized, the AG’s office would occupy floors 18 through 22 in 800 Fifth Ave., which is owned by Texas-based Hines GS Properties Inc. and better known as the Bank of America Fifth Avenue Plaza. The company’s existing building, 900 Fourth Ave., is owned by Boston-based Beacon Capital and better known as the Union Bank of California Center.The 100,000-sf lease would soak up all of the sublease space BofA has available at Fifth Avenue Plaza. The asking rate is $22 per sf per year, full service, according to officespace.com. BofA’s master lease runs through May 2016. The AG’s current lease at 900 Fourth Ave. runs through June 2007, though Salyer says the AG office may move early if the BofA deal is finalized. The bank was represented in the sublease negotiation by Don Schulz in the Seattle office of Jones Lang LaSalle.

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