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Microsoft Closes on Safeco Redmond Campus

$220 Million Deal Precedes Safeco's Consolidation to Downtown Seattle
June 9, 2006
In a deal announced earlier this year, insurance giant Safeco Corp. completed the sale of its Redmond Campus to Microsoft for $220.5 million, or approximately $272 per square foot.

The campus is at 4514-5069 154th Place NE in Redmond and consists of 812,196 square feet. Safeco is moving its Redmond operations to Equity Office's Second & Seneca office tower in downtown Seattle.

In conjunction with the Redmond sale Safeco recently completed two leases -- the Second & Seneca deal and a new headquarters lease at the former Seafirst Building -- for a total of 424,000 square feet in Seattle. Safeco attributes its decision to lease, rather than own, real estate to favorable lease rates and the abundance of Seattle office space.

Bill Pollard of Pacific Real Estate Partners in Bellevue represented Safeco. Thomas Abbot of Trammell Crow Co. in Seattle represented Microsoft.
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