By Meghan Hall
Seattle’s F5 Tower, the home and headquarters of F5 networks, a technology company that specializes in application delivery networking, has hit the market, according to a source within the industry familiar with Seattle’s capital markets.
The source declined to name guiding pricing, but confirmed that the property is being privately marketed by Eastdil Secured, and the sellers of the property are Daniels Real Estate and San Francisco-based Stockbridge Capital Group. The 660-foot-tall skyscraper was developed through the EB-5 immigrant investor program under an entity called Fifth & Columbia Investors, LLC.
Completed in 2017, F5 leased all 516,000 square feet of the tower’s office space that same year in May, and security filings show that the company will pay around $360 million in base rent. The lease covers floors 20-48 of the building and is expected to last 14.5 years. F5 has the option of expanding the lease for five years three times. The tower is mixed-use and also includes a 198-key hotel.
F5 began relocating to the tower, located at 801 5th Ave., from its previous Seattle headquarters at the beginning of the year. ZGF Architects designed the building, and according to a press release by F5 at the time of the lease, the firm chose the tower after carefully evaluating a number of locations throughout Seattle. The site’s location and access to public transportation and downtown amenities made the project particularly attractive.
“Our move to F5 Tower will provide current and future F5 employees with an iconic, modern corporate headquarters that aligns with our growth as a company and showcases our significant place in Seattle’s technology industry,” stated Andy Reinland, Chief Financial Officer, F5, at the time of the lease. “The new space will provide a dynamic work environment that will help attract top talent, while giving us room for continued growth.”
Dedicated office amenities include state-of-the-art conference rooms, tenant concierge and onsite property management office, a fitness center with lockers, showers and tower service, a library room and event space that can accommodate up to 800 people. Perq Coffee is also located in the tower’s lobby.
As of this writing, Daniels Real Estate had not yet returned The Registry’s request for comment.