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U.S. BANK ANNOUNCES ITS MOVE TO PACIFIC FIRST CENTRE AND A BUILDING NAME CHANGE TO U.S. BANK CENTRE

 SEATTLE, April 19 /PRNewswire/ -- U.S. Bank of Washington announced today it has signed definitive agreements to lease eight floors of office space and the main floor bank branch in the 44-story Pacific First Centre at 1420 5th Ave. in downtown Seattle, according to Gerry Cameron, vice chairman, U.S. Bancorp.
 U.S. Bank will become the anchor tenant in the building, which will be renamed "U.S. Bank Centre." The new U.S. Bank Centre will become the bank's Washington headquarters, triggering a move of all staff from U.S. Bank's existing downtown location across the street at 1415 5th Ave. by the end of 1993, said Cameron. U.S. Bank's downtown main branch, currently at 1414 4th Ave., will also move to the lobby floor offices now occupied by Pacific First Bank (PFB) on Dec. 1. The entire headquarters move, which will occur in an ordered sequence over a period of 16 weeks this fall, will involve approximately 500 U.S. Bank employees.
 "Our rationale for making this major move was to provide for our future growth and team up our bank with a building that enhances our visibility within the community," said Cameron. "We already have U.S. Bank signature main office buildings in Spokane, Portland and Sacramento, and recently announced plans for headquarter buildings in Yakima, Boise and Eugene. Now we have a memorable identity building in Seattle."
 The new lease agreement was negotiated between Washington Mutual Savings Bank; Hazama USA Corp.; Prescott Inc. and U.S. Bank. Washington Mutual acquired the PFB lease along with other PFB assets in an acquisition that closed April 9. The balance of the PFB lease, which runs through July 1999, will be transferred to U.S. Bank.
 In a separate agreement, U.S. Bank extended the PFB lease an additional 15 years and negotiated for 40,000 square feet of extra space with Hazama USA Corp., the building owners, and Prescott Inc., the building managers. CB Commercial, the real estate brokerage firm retained by U.S. Bank to locate a "signature" building in Seattle, assisted with lease transfer and extension negotiations on the approximately 180,000 square feet of space.
 "With the lease extension and other considerations, this package is worth about $90 million over the next 20 years," said Cameron. "Making an investment of this magnitude signals how strongly committed we are to serving the region as a top-tier bank devoted to customer service and aggressive growth."
 Completed in the fall of 1989, the office tower occupies the block bounded by 5th and 6th Avenues and Pike and Union Streets. It was designed by The Callison Partnership and built by Sellen Construction, both of Seattle. The office tower received the "Building of the Year" award from the Building Owners and Managers Association (BOMA) in 1992, according to Gary Carpenter, president of Prescott.
 U.S. Bank will occupy floors six, seven, eight, nine, 10, 11, 13 and 21, in addition to the main office branch space located in the building lobby adjacent to 5th Avenue and Pike Street. The bank's executive offices will be located on the 21st floor. Extensive storage and ample parking for bank customers and visitors in one of the largest parking garages in downtown Seattle are included in the 20-year lease package.
 "We are tremendously excited to be moving to this building and making it part of U.S. Bank's future here in Seattle," said Phyllis Campbell, U.S. Bank of Washington president. "Its location, easy access and distinctive character make it one of the most desirable office towers in the city. We were looking for a downtown building that fits our bank's personality, and we found it. We are eager to move into our new home."
 U.S. Bank of Washington is a subsidiary of U.S. Bancorp (NASDAQ-NMS: USBC), the nation's 35 largest bank holding companies, and has ranked among the top tier of these companies in performance and capital strength for the last several years. Other U.S. Bancorp subsidiaries include U.S. Bank of Oregon, U.S. Bank of California, U.S. Bank of Nevada and U.S. Bank of Idaho.
 -0- 4/19/93
 /NOTE TO EDITORS: The above news story announcing U.S. Bank's move to Pacific First Centre and the renaming of the building to "U.S. Bank Centre" could be the city's largest office-space transaction in 1993. Gerry Cameron, vice chairman of U.S. Bancorp and Phyllis Campbell, U.S. Bank of Washington president and chief executive officer, will be available for interviews either in person or by telephone Monday morning. Contact Cindy Duryee to set up an interview./
 /CONTACT: Cindy Duryee, Public Relations, of U.S. Bank of Washington, 206-344-5311, or 206-660-3446/
 (USBC)


CO: U.S. Bancorp; U.S. Bank of Washington ST: Washington IN: FIN SU:

LD-LM -- SE004 -- 7183 04/19/93 08:55 EDT
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Date:Apr 19, 1993
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