Vulcan Trades Prominent Washington State Office Complex
- Jan 26, 2015
Vulcan Real Estate has sold the Sammamish Park Place office complex, a 20-acre property consisting of three 5- and 6-story office buildings, in Issaquah, Wash., to Talon Private Capital for $128.25 million.
The property also includes 2,122 stalls of structured parking.
“Sammamish Park Place has been an excellent investment for us with strong-credit tenants and good cash flow,” Ada Healey, Vulcan’s vice president of real estate, said in a company release. “As we rebalance our portfolio, we are raising capital for new investment opportunities around the region.”
The office park is currently 100 percent leased to Microsoft and Costco Wholesale Corp. The latter took 176,000 square feet of office space in August 2014, marking the global retailer’s corporate expansion.
The office campus is prominently located along Interstate 90, which is known as one of the most upscale and desirable locations within the Eastside market of the Seattle metropolitan area.
According to Healey, Vulcan will invest the funds from the sale toward continued development efforts as well as new land and value-add investments.
Vulcan currently has 888,000 square feet of commercial space under construction for Amazon.com and the Allen Institute for Brain Science and several more projects in pre-development planning. The company is also in pre-development planning for three sites at Yesler Terrace in Seattle where it will build approximately 650 residential units.
Eastdil Secured, L.L.C., handled the transaction with a team led by Jason Flynn.