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Education Company to Test Time Square

RENTON, WA-The 22,026-sf long-term lease brings the five-building 330,000-sf complex to 33% leased. The buildings were fully leased until 18 months ago when it became fully vacant. Owner Bedford Property Investors is now in the process of converting it to a multi-tenant campus.

By Brian K. Miller | Updated on August 30, 2005

RENTON, WA-Bedford Property Investors Inc. has another tenant for Time Square, a five-building 330,000-sf complex that was vacated 18 months ago by a single tenant and is now on the market as a multi-tenant campus. The Lafayette, CA-based REIT says “a national education company” has signed a 10-year lease for 22,026 sf, taking occupancy at the complex to 33%. Bedford and the brokers involved declined comment on who exactly the tenant is; the lease commences at the end of the year.

Time Square is located near the SW 41st St. exit from Highway 167. Built in 1986, the 22.6-acre campus is comprised of four 60,000-sf buildings and one 90,000-sf building. Bedford acquired the complex in July 1997 for $33 million. At the time of acquisition, Boeing leased the entire complex. At the beginning of last year, Boeing vacated the complex, at which point Bedford transferred the property to its development portfolio and has so far spent more than $2.2 million turning the buildings into a multi-tenant campus.

In April, the locally based collections company ER Solutions leased all of the 60,000-sf 800 building. In December, Ticor Title and the City of Seattle took down a combined 20,000 sf in the 60,000-sf 600 Building. The national education company will be taking a portion of the 500 Building, which is the building closest to Lind Avenue.

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