EQ Office Sells Seattle-Area Campus for $51M

NKF brokered the sale of the 175,546-square-foot Class A Canyon Pointe office property in Bothell, Wash., which is fully occupied by T-Mobile.
Canyon Pointe

EQ Office has sold an office property in the Seattle area to TPG Capital for $51 million.

The 174,546-square-foot Class A campus in Bothell, Wash., is fully occupied by T-Mobile. The telecommunication giant has a long-term lease at the property, which is its second-largest office location—the largest being its U.S. headquarters in Bellevue, Wash.

A Newmark Knight Frank team of Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy represented EQ Office in the deal.

Built in 2007, the office campus includes 2 three-story buildings on 9.8 acres at 22309 and 22213 30th Drive SE. The property, situated about 20 miles from downtown Seattle, features third-floor balconies, on-site parking, 30,000-square-foot floorplates and an outdoor landscaped area.

“In recent years, Bothell has experienced exceptional growth, largely due to the explosive success of Seattle and Bellevue office markets, as the submarket offers an attractive discount to the largest cities in the metro area,” Kucha said in prepared remarks. “Its proximity to Seattle and Bellevue, its relative discount in rent, and the quality of its office product has helped it to become one of the stronger submarkets on the Eastside.”

EQ Office made similar moves last year. In June 2018, the firm sold a 197,000-square-foot office property in the Belltown neighborhood of Seattle to Alexandria Real Estate Equities for $95 million.

Image courtesy of Newmark Knight Frank