State leases prime space for Attorney General at Fifth Avenue Plaza
SEATTLE – The state of Washington has negotiated a new lease that will save taxpayers $12.6 million and move the Attorney General’s Seattle office to a new downtown location.
The state Department of General Administration, acting on behalf of the Attorney General’s Office, negotiated the new lease for 115,000 square feet of office space in the Bank of America Fifth Avenue Plaza at 800 5th Ave. in Seattle.
The new lease is expected to save the state about $105,000 per month over the 10-year term of the deal when compared to the existing lease.
The state pursued a new lease to take advantage of favorable rates in the Seattle market before the recovering economy drives up costs.
“This deal provides excellent value for taxpayers and gives the Attorney General’s Office the kind of professional office space that can help the state retain and recruit top legal talent,” Attorney General Rob McKenna said. “General Administration and negotiators from the Attorney General’s Office accomplished
a real estate deal that rivals the best that private industry can produce.”
General Administration’s leasing program solicited 15 proposals for the new space and negotiated individually with each proposer to obtain the best possible deal for the state. The new space will serve 300 staff members from the Attorney General’s office.
“We used a private sector model to get a terrific value for the taxpayer,” Linda Bremer, director of General Administration. “This is a model we will use again and again.”
Terms of the agreement include:
- A very favorable rental rate of just over $24 per square foot;
- Tenant improvements at landlord expense;
- Landlord payment of all operating, maintenance and utility expenses;
- A discounted parking rate for state vehicles;
- A generous cash allowance, which may be credited to the Attorney General’s office in the form of cash, payment of expenses or rent credits; and
- Early occupancy at no charge to Attorney General (17 months)
The new lease is scheduled to begin July 1, 2007, but the Attorney General’s will occupy the space on Aug. 1, 2006 at no charge. This early occupancy period was provided as another incentive to the Attorney General. The total rent payable over the term of the sublease is just under $27.5 million.
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For more information:
Jim Erskine, Department of General Administration, (360) 902-7206, email@example.com
Janelle Guthrie, Attorney General’s Office of Attorney General, (360) 584-3046, firstname.lastname@example.org