MRM Capital Buys Seattle Office Campus
- Jul 19, 2017
Equity Office Properties Trust recently sold a two-building office campus in suburban Seattle in a transaction valued at $35.5 million.
HFF marketed the Plaza at North Creek on behalf of the seller and procured the buyer, Cincinnati-based real estate investment firm MRM Capital. Senior Managing Director Nick Kucha and Director Dave Otis led the HFF investment sales team representing the seller.
According to Yardi Matrix, the sale was funded through a $22 million loan originated by Bank of America.
Suburban Class A Office Space in Great Demand
Built in 1990, the Plaza at North Creek is located in Bothell, roughly 13 miles northeast of downtown Seattle, with easy access to I-405 and SR-522. The office campus totals 194,074 square feet of Class A space and incorporates two three-story buildings located at 18911 and 19015 North Creek Parkway. The property also includes parking amenities at a rate of four spaces per 1,000 square feet.
“The Plaza at North Creek’s superb Class A office space has allowed the park to consistently outperform the Bothell submarket, maintaining a 10-year historical average occupancy of 92 percent, 600 basis points higher than the Bothell submarket historical average of 86 percent,” said Kucha in prepared remarks.
The Plaza at North Creeks is anchored by Allstate Insurance Co.’s Northwest regional office. SNC-Lavalin and ConnectWise Sell are also listed as tenants at the office campus.
Images courtesy of Yardi Matrix