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Safeco Selling Redmond Campus to Microsoft for $209M

REDMOND, WA-The Seattle-based insurer enters an agreement to sell its 46-acre, 1.4-million-sf campus here to locally based Microsoft Corp. Safeco is planning to vacate the campus and consolidate its regional operations on headquarters campus in Seattle's University District, which it plans to expand.

By Brian K. Miller | Updated on January 18, 2006

SEATTLE-Safeco on Tuesday told the Securities & Exchange Commission it has agreed to sell its 46-acre, 1.4-million-sf campus here to locally based Microsoft Corp. for $209.5 million. The sale is expected to close during the latter half of the year.

Microsoft can terminate the transaction prior to February 12. Safeco has until April 13 to kill the deal. After those periods are up, the only other out is if Safeco cannot obtain construction permits for its U-District expansion by January 13, 2007. In that instance, either side could terminate the deal.

The deal would include a leaseback of up to three years of three buildings on the campus containing 549,180 sf of office space and 70,649 sf of warehouse space, which would allow time for the expansion of its Seattle headquarters. The sale of the campus would not include a Safeco data center on the site.

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