source: costar
In a move that has long been rumored to occur, Nautilus finally made public their intentions to cancel their current lease on 482,538 SF of office space. Nautilus will pay an early termination fee of $1.9 million and re-lease 93,099 square feet for corporate offices. The new lease reflects a $16.00/SF rate. The company also faces a $8 million impairment charge in addition to the early termination fee.
The landlord, PacTrust – the Columbia Tech Center developers, will take the newly available space to market for lease. But the building is not without its challenges. With two 150,000 SF floorplates, the vast space is best suited for large users and not easily chopped up.
The building was originally built in 1981 for Hewlett Packard who sold it in 2000 to PacTrust. The property consists of 22 acres including outdoor fields (baseball), basketball court, cafeteria, central atrium and walking paths. HP has been slowly disposing of campus properties around the country since the early 2000′s and recently sold their Camas property to SEH America for $55 million.
The Nautilus space was most recently up for sublease at a rate of $14.00/SF.
For the full story, click here http://budurl.com/n9tn
