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Microsoft Takes 126,000 SF in Downtown Seattle

SEATTLE-The new Westside outpost for the Eastside-based software giant is expected to help it attract and retain employees who don't like the bumper-to-bumper cross-lake commute.

By Brian K. Miller | Updated on September 06, 2007

SEATTLE-Billionaire Paul Allen is now a lessor to the company that made him rich. Vulcan Inc., Allen’s real estate arm says the publicly held software behemoth from the other side of Lake Washington has leased 126,000 sf within its brand new Westlake/Terry development here, taking the 317,000-sf, two-building asset near South Lake Union to 100% leased.

The deal includes 94,800 sf leased directly from Vulcan and an additional 32,000 sf subleased from Group Health Cooperative, which last month moved its headquarters into the remainder of the complex. Microsoft says the leasehold–its largest in Seattle–will help it attract and retain employees who don’t like or don’t need to make the bumper-to-bumper cross-lake commute to company headquarters in Redmond, WA.

Local brokers tell GlobeSt.com that the asking lease rate for space in the building was $40 per sf. The rate, which includes $10 per sf in operating expenses, assumed a five-year lease and a $30-per-sf tenant improvement allowance. The negotiated lease rate on the transaction was not released by Vulcan or Microsoft. Ray Attisha of CB Richard Ellis had the leasing assignment; he was not immediately available Thursday afternoon for comment.

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