Transwestern JV Buys Seattle-Area Office Park

Equity Office Properties Trust sold Redmond Hilltop, a 178,769-square-foot office campus in Redmond, Wash., to a joint venture between Transwestern and Diversified International Partners.

Redmond Hilltop in Redmond, Wash.
Redmond Hilltop in Redmond, Wash.

Transwestern has teamed up with Diversified International Partners to acquire Redmond Hilltop from Equity Office Properties Trust. According to Yardi Matrix data, the three-building, 178,769-square-foot office campus in Redmond, Wash., changed hands for $39.3 million. The transaction was subject to a $24.3 million loan from Athene USA.

Located at 6222 and 6464 185th Ave. NE, the Class B assets were fully leased at the time of sale. Tenants include Samsung, Pushpay and Genie. Completed in phases in 1992 and 1997, the property underwent renovations in 2015 and 2016. The campus features a conference center and more than 500 parking spaces. Redmond Hilltop sits less than two miles from the Redmond Town Center and Redmond Square shopping malls. The asset also offers easy access to multiple bus stations and hotels, including Redmond Inn and WoodSpring Suites.

HFF Senior Managing Director Michael Leggett, Director David Otis and Real Estate Analyst Kevin Freels negotiated the transaction on behalf of the seller. Leggett and Otis also secured the sale of a three-building Seattle industrial portfolio, totaling more than 135,000-square-foot.

Image courtesy of Yardi Matrix