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May 3, 2002
SEATTLE -- Triad Development snared a rare signing of a large office lease. The downtown Seattle law firm of Graham & Dunn signed a 10-year deal for 52,000 square feet on Triad's Pier 70, Triad principal Fred Grimm said Thursday.
The law firm plans to move from 47,000 square feet on the 33rd floor of the US Bank Center in downtown's core onto the renovated pier on the north end of the downtown waterfront when the firm's US Bank Center lease expires in April 2003.
The Bellevue Internet company Infospace previously occupied the pier's offices, but paid Triad about $4.5 million last year to end that lease. Therefore the Graham & Dunn deal is a direct lease from Triad.
Pinnacle Realty Management, controlled by one of Triad's principals, occupies 30,000 square feet on the pier on a lease that runs to 2007. Graham & Dunn holds an option on the pier's remaining 3,000 square feet and on any space that Pinnacle would free up.
Broker Rick Sanders of Orion Real Estate represented Graham & Dunn, which agreed to rent in the low to mid $20 range, triple net, with generous tenant improvements paid for by Triad, according to Grimm.