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.
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