Seattle-Area Office Park Receives $39M Loan

The borrower acquired the five-building office portfolio last December, for $54.6 million.
Canyon Park East – Building A

Kennedy Wilson has obtained a non-recourse $38.6 million loan for Canyon Park East, a 269,369-square-foot office park in Bothell, Wash. The variable interest mortgage provided by Truist Bank is set to mature in 2026 and features full-term interest-only payments. CBRE Capital Markets facilitated the financing for the borrower. At the time Kennedy Wilson obtained this loan, the asset was 83 percent occupied.

The owner purchased the five-building campus last December for $54.6 million from EQ Office, according to public records. The new loan will finance this acquisition and fund future capital expenditures.  A different CBRE brokerage team negotiated the deal on behalf of the seller.

Located at 22002, 22011, 22028 and 22215 26th Ave. SE and 2525 223rd St. SE on 16.5 acres, the office/flex park was built in 1990 and expanded in 1993. Some of the buildings feature on-site fitness centers, showers and locker rooms.

The property is roughly 1 mile from Interstate 405 and 11 miles from the Paine Field International Airport. Shopping and dining options are available within a 2-mile radius.

The CBRE team that secured the financing for the new owner included Executive Vice President Brad Zampa, Senior Vice President Michael Walker and Vice President Megan Woodring.

Kennedy Wilson is also active in European markets. Last December, the company paid $179 million to acquire The Heights, a 348,000-square-foot office campus in London.