Equus Capital Sells Seattle-Area Office Portfolio
- Dec 06, 2019
Equus Capital Partners has sold four Class A office buildings in Quadrant Willows, a five-building business park in Redmond, Wash. Newmark Knight Frank represented the seller, while the buyer, The Roxborough Group, was self-represented. Equus acquired the 248,000-square-foot portfolio in two separate transactions in March and December of 2016.
Located at 11121,11241,11261, and 11351 Willows Road, the buildings are 5 miles from Microsoft’s corporate headquarters. The surrounding area provides various dining and retail options, including Totem Square Shopping Center, which is situated within 2 miles of Quadrant Willows.
Since the acquisition, Equus completed approximately $850,000 in renovations and increased occupancy to 100 percent. However, due to tight leasing conditions and limited new construction, Roxborough hopes to benefit from in-place rents and the desire of some tenants who have outgrown their current suites to give back space.
NKF’s team included Kevin Shannon, Nick Kucha, Ken White, Michael Moll, James Childress, Joe Lynch and Dan Harden. Lynch noted that Redmond had a rent growth of 21.5 percent over the past 24 months and that expansions from Google, Amazon and Facebook continue to drive interest for suburban office investments.