Online real estate marketing company Zillow has amended its lease at the Russell Investments Center in Seattle to once again add additional space.
The new amendment, which adds the 35th floor to Zillow’s lease in the building, follows last year’s planned expansion onto the 33rd and 34th floors of the high-rise.
Zillow’s lease for the 33rd floor at the building, located at 1301 Second Avenue in Seattle, was added effective as of October 1, 2013. The 34th floor is to be added effective as of September 1, 2014.
With the new lease, the landlord is now expected to deliver possession of the 35th floor, a 22,694 square foot space, by October 1, 2016, or by the date on which the current tenant surrenders possession of the space. The lease stipulates the space will be made available to Zillow no later than April 1, 2017, provided that the landlord makes “commercially reasonable efforts” to deliver possession of the 35th floor as close to October 1, 2016 as possible.
Flinn Ferguson Corporate Real Estate represented Zillow in this transaction. The landlord, Fifth Street Properties, LLC, was represented by CBRE. Joseph A. Corrente of Los Angeles-based CommonWealth Partners signed the lease on behalf of the landlord.
The 35th floor will be delivered in “as is” condition, with the exception being a barrier at the top of a stairwell that connects floors 35 and 36.
The lease rate for the 35th floor starts at $42 per square foot on November 30, 2017 and increases $1 per square foot in every subsequent year, rising to $47 per square foot through the lease expiration date at the end of November 2022. Zillow’s original lease for floors 29 through 32, and its amended leases for floors 33 and 34, expire in November 2022 as well.