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GlobeSt.com UPDATE: AG's Office Inks 115,000-SF Sublease

SEATTLE-Almost a year after saying Bank of America's proposal for space in 800 5th Ave. was the front runner, the state finalizes a 10-year, $27.5-million lease agreement on behalf of the Attorney General's Office. Concessions include 16 months of free occupancy, free tenant improvements, an additional cash payment and discounted parking.

By Brian K. Miller | Updated on December 15, 2005

SEATTLE-The state Department of General Administration has finalized a 10-year, $27.5-million sublease agreement on behalf of the Attorney General’s Office for 115,000 sf at 800 5th Ave., which is known as the Bank of America Fifth Avenue Plaza. The full-service lease agreement includes a substantial tenant improvement allowance, an additional cash payment and a year of free rent. The sublessor is Bank of America.

In January, Steve Salyer, real estate manager for the DoGA, told GlobeSt.com that BofA’s proposal had been selected as the front runner of 15 submitted to the agency, which negotiates leases on behalf of various state departments. A letter of intent was signed shortly thereafter. The lease was finalized late last month.

The AG’s office is currently housed in about 98,000 sf at 900 Fourth Ave. The building is owned by Boston-based Beacon Capital and better known as the Union Bank of California Center. The sublease agreement for 800 Fifth Ave., which is owned by Texas-based Hines GS Properties Inc., will save the AG’s Office $105,000 per month when compared to the existing lease, according to the DoGA.

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