WA Office Park Commands $63M

The roughly 200,000-square-foot, three-property portfolio in Bothell changed hands with help from Newmark Knight Frank, which acted on behalf of seller Equity Office.
Canyon Park Commons
Canyon Park Commons

City Office REIT has acquired the 206,770-square-foot Canyon Park Commons in Bothell, Wash., for $63 million from Equity Office, according to Snohomish County records. The acquisition was financed through a $41 million loan from Sammons Financial Group.

Newmark Knight Frank Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll and Director Bill DeLacy represented the seller.  

Located at 2300, 2500 and 2530 223rd St., the office park is easily accessible through Interstate 405 and roughly 21 miles of downtown Seattle. Situated on 10.2 acres, the portfolio consists of one two-story building and two three-story ones. Per Yardi Matrix data, the property was fully leased to Seattle Genetics at the time of sale.  

Bothell has become a biotech hub in the greater Seattle area, with many important life sciences companies moving or opening offices here. Some examples are Juno Therapeutics Inc., AGC Biologics’s global headquarters facility that holds the company’s corporate administrative offices and process development labs as well as Philips Healthcare.

“Capital continues to be attracted to Bothell due to its yield and price per square foot, relative to other submarkets on the Eastside,” said Shannon, in a prepared statement. At the end of last year, the same NKF team arranged the $141.7 million sale of Canyon Park Business Center, a premier master-planned business park within the Eastside Seattle market. 

Image courtesy of Yardi Matrix

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