Published October 2001

Opus Northpointe
lands lead tenant

By Kimberly Hilden
Herald Business Journal Assistant Editor

With a lead tenant signed on, Opus Northwest LLC has begun the grading for Opus Northpointe Corporate Campus, a 719,000-square-foot, Class A office park to be built in Lynnwood.

"We are very excited about the project," Opus Northwest Project Manager Dave Kessler said in a prepared statement. "We feel its access, unique setting and technology-driven infrastructure, delivered at a very economical lease rate, will make it appealing to a wide variety of tenants."

In late August, Opus Northwest announced that Cypress Semiconductor, a broad-line semiconductor supplier, had leased a building — with an option to buy — to be constructed by Bellevue-based Opus Northwest.

The building, known as Building D, will include 66,528 of rentable square feet and will house all of Cypress Semiconductor's activity in the Puget Sound as well as the activity of its subsidiary, Cypress MicroSystems Inc., Bob McConnell, President and CEO of Cypress Microsystems, said in a prepared statement.

Cypress' Puget Sound facilities currently are located in Bothell and Woodinville and employ 150 people.

"Our major activity (at Northpointe) will be development of new products for Cypress and Cypress Microsystems Cypress Microsystems will also do all of its marketing and support functions at the new location," McConnell said.

Cypress, with international headquarters in San Jose, Calif., employs about 4,000 people worldwide, is traded on the New York Stock Exchange and has a customer base that includes Alcatel, Cisco, Ericsson, Lucent, Motorola, Nortel Networks and 3Com.

"Opus is excited to have such a quality company as Cypress as its lead tenant at Northpointe," Kessler said, noting that the campus, to be a Verizon SmartPark with its own power station, is designed especially for technology users.

Along with Cypress' building, Opus Northwest plans to build a speculative, 60,000-square-foot building at the same time and grade the entire site, installing infrastructure such as utilities, roads, sidewalks and street lighting, Kessler said, with Cypress scheduled to occupy Building D in November 2002.

Of the 90 acres on the site, 45 acres will be developed, with the rest left as permanent natural space. Seven other buildings that will make up the $130 million development are in the works, but Kessler said earlier this year that the construction timeframe for those would depend on the commercial real estate market.

Located just west of the 164th Street SW Exit off Interstate 5, the Northpointe complex provides accessibility to I-5, I-405 and State Route 525, said Garry Bullington, a broker with Cushman & Wakefield. Plus, it's minutes away from the Alderwood Mall and other retail amenities.

And, with a lease rate of $16 per square foot triple-net, Bullington said the Northpointe center is a "very high-quality product with a very attractive price point."

"We think that will contribute to the success of Northpointe, as businesses are now examining value before they make facility location decisions," he said.

For more information on Opus Northpointe Corporate Campus, call Bullington at 425-455-4500 or send e-mail to gary_bullington@cushwake.com.

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