Rainier Tower Case Study
Since 1995, when The Norman Company was first hired to take on a 380,000 RSF subleasing assignment for the University of Washington, we have successfully navigated a complex lease structure to result in a substantially fully occupied sublease. Subleases, by nature, come with challenges of working with multiple parties. Our success with this property demonstrates our ability to communicate clearly and bring multiple parties together without letting the complexity of the deal structure be a stumbling issue for prospective tenants or brokers.
The largest transaction to date involved a complex 100,000 RSF lease with Marsh, Inc. This deal involved four primary parties: Unico Properties, (the Master Landlord), The University of Washington, (the Sublandlord), Kamilche Company, (a major long term subtenant) and Marsh, Inc (the tenant including three other user groups within Marsh). In order to deliver 100,000 RSF of contiguous space, we worked with Kamilche to structure an agreement to free up three of the necessary floors before working with Unico to achieve the required consent (and concessions). In addition, we negotiated two other lease extensions to match the timing of their lease expirations to the expansion requirements of Marsh. Keeping many balls in the air at the same time to bring everyone together was the reason this deal happened for the benefit of all parties involved.
The information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. The prospective lessee should carefully verify each item contained herein.