Online real estate company Zillow is expanding its headquarters in downtown Seattle with the addition of two more floors in the Russell Investments Center.
Zillow has leased the top two floors of the 42-story Russell Investments Center, located at 1301 Second Ave. Together, the floors total 38,723 square feet, according to an SEC filing. That brings the company’s total footprint in the building to about 300,000 square feet.
The SEC filing was made by biotech company Kubota Pharmaceutical Holdings Co., formerly known as Acucela. The filing states that Acucela subleases space from Boeing in an agreement signed in June 2014 and that Zillow will be taking over that sublease. In a sense, Zillow is agreeing to sub-sublease the space from Acucela. The filing points out that Zillow will be paying more for the space than what Acucela was required to pay Boeing, although the specific amount is not stated.
The lease on Zillow’s two new floors begins on May 1, 2017 and runs through at least November 2021. Though Acucela’s sublease ends on February 28, 2022, Boeing could terminate that sublease earlier on November 30, 2021, according to the filing.
The filing states that Acucela is looking for alternative office space in Seattle and intends to locate once that need is satisfied.
This isn’t the first time Zillow has expanded their headquarters in the building. In November 2014, Zillow leased an additional five floors from another biotech company, Dendreon. That expansion added an additional 113,471 square feet of office space. With that lease, Zillow became the largest tenant in the 42-story building, but its recent acquisition will give Zillow the two top floors and the company will now occupy floors 29-42.
