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Challenge
Having recently closed on a significant
round of venture capital funding, digiMine quickly outgrew its initial
office space. The challenge was to secure 20 to 40,000 square feet of
quality office space with an above-standard parking ratio while
negotiating additional option square footage for future growth.
Strategy
The strategy was to find a building that
provided the client’s very specific needs, as well as a building owner
who would empathize with a local privately held technology company’s
need for a large amount of space. Kemper Development, the future
landlord, was an ideal fit, as well as the space they had available.
Result
The result was a 30,000 square foot lease of space at
Bellevue Place - situated in the heart and soul of downtown Bellevue at
the intersection of Bellevue Way and NE 8th Street, located across the
street from Bellevue Square and the new $330 million mixed-use Lincoln
Square. In addition to the retained space, the client was able to
secure an option for an entire additional floor, thereby creating
built-in expansion space. The parking requirement was also satisfied,
with Bellevue Place able to provide more parking than any other
competing downtown office project. In addition, with the premises
previously occupied by Microsoft, the client was able to capitalize on
some of the existing technology infrastructure already in place, thereby
reducing its upfront occupancy costs.
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“The transaction
was by far the largest lease the landlord had ever done with a
non-publicly traded local company, and it could only have been
achieved through a very hands-on approach by the broker in getting
the landlord comfortable with what first appeared to be a very risky
transaction.”
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