Seattle Commercial Real Estate News of the Day

Wednesday, March 14, 2012

Seattle Times Daily Journal of Commerce Headline
Amazon will decide by June on 3-block property deal

Publicis takes space in Selig’s West Tower

King County jobless rates drops in January Publicis Seattle has finally nailed down an office lease.

Landlord Martin Selig says the advertising agency and its local affiliates are taking two more floors in his West Tower, with an 11-year lease that begins Oct. 1. The lease rate was not disclosed.

Publicis Facilities Director Kevin Valentine said the companies are leasing an additional 51,000 square feet in the building at 424 Second Ave. W., for a total of 122,000 square feet. He said they have an option for another 21,000 feet.

“We are doing major reconstruction in the building,” Valentine said. SkB Architects is the designer and Shuchart is the general contractor.

The deal will not result in positive net absorption for the market. In fact, it represents a contraction.

One affiliate, digital ad agency Razorfish, will move from the Exchange Building, where it leases about 84,000 square feet.

Commercial real estate brokers and landlords have been tracking the Publicis deal for three years. In early 2010, an industry source said the company was in the market for 130,000 square feet, and had looked at buildings between Pioneer Square and South Lake Union. Another source said Publicis had a lease in hand for space in the building that Starbucks developed several years ago at 505 First Ave. S., but that deal fell through.

Brokers Doug Hanafin and Mark Fox of Washington Partners represented Publicis. The challenge was finding space that met the needs of all the brands, said Hanafin, who added West Tower was the one that worked.

State’s big credit unions gained members, deposits in 2011
Puget Sound Business Journal
Goodman, Harbor Urban pay $9.6M for Belltown site, plan apartment tower
Boeing employment in Washington state: 82,325 workers
Feds confirm robosigning at Bank of America, Wells Fargo and others
Real estate profile, March 13, 2012
Seattle Center makeover: Your ideas
Windermere Real Estate turns 40
Other News
Dow inches higher a day after huge surge
Pierce County jobless rate up
U District receives revitalization grant
Seattle ‘Regulatory Reform’ could push mixed-use deeper into Capitol Hill
Vacancies at Avalon Meydenbauer: Subway, CeFiore Frozen Yogurt, and more?
Seattle’s urban island

About CRE Northwest

Specialist in office & investment real estate in Seattle & the Eastside
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