Spiegel Inc., Downers Grove, IL, received approval from a bankruptcy court judge this week to sell its Eddie Bauer campus in Redmond, WA, to Microsoft Corp. for $38 million.
Unloading the 20-acre site, which includes three buildings, seemed like the best method to generate cash for creditors, said Jim Brewster, senior vice president and chief financial officer for Spiegel.
Eddie Bauer will rent the space from Microsoft for three years while it looks for smaller office space. The lease calls for a minimum occupancy of two years.
Spiegel is in the final stages of due diligence regarding the sale of the Eddie Bauer division and expects to start receiving bids soon, he added.