Zillow expands office space in Russell tower as Dendreon pulls back
Online real-estate company Zillow has leased another floor in downtown Seattle's Russell Investments Center, taking over space being vacated...
Seattle Times business reporter
Online real-estate company Zillow has leased another floor in downtown Seattle's Russell Investments Center, taking over space being vacated by struggling biotech Dendreon.
Both Seattle-based companies moved into the 42-story office tower last year, with Dendreon leasing floors 32 through 39 and Zillow 29 through 31.
In a regulatory filing Friday, Zillow said it now has also leased the entire 32nd floor, increasing its total space in the building to more than 87,000 square feet.
Dendreon laid off 500 employees last September, including about 100 in Seattle. With a smaller workforce, "we felt it was in our shareholders' best interest to compress our footprint and let go of some space to be more cost efficient," President and CEO John Johnson said in a statement Friday.
When it disclosed its Russell lease in February 2011, Dendreon said it was for a minimum of 5 ½ years.
The biotech has seen its share price drop more than 80 percent since mid-2011 as a result of disappointing sales of its only approved drug, cancer therapy Provenge.
Zillow, in contrast, has reported six straight quarters of year-over-year revenue growth. Its website lists 31 job openings, 27 of them in Seattle.