Westport Capital Nabs WA Office Portfolio for $71M

Redstone Corporate Center I and II are located on the northern outskirts of Seattle, along Interstate 5.
Redstone Corporate Center I in Lynnwood, Wash.

Westport Capital Partners has purchased Redstone Corporate Center (RCC) I and II, situated north of downtown Seattle, for $70.8 million. Talon Private Capital and PCCP sold the Class A office assets in a transaction facilitated by JLL’s Capital Markets team.

RCC I, located at 19020 33rd Ave. W. in Lynnwood, Wash., next to the Alderwood Mall, traded for $46.1 million. According to Yardi Matrix, the building dates back to 2002, and features 202,273 square feet, spread across six stories. The five-story RCC II at 6100 219th St. S.W. in Mountlake Terrace, Wash., changed hands for 24.7 million. Built in 1999, the property encompasses 118,438 square feet across five stories.

Strong Market

Redstone Corporate Center II in Mountlake Terrace, Wash.

Both assets are situated along Interstate 5, providing easy access to downtown Seattle and Bellevue, Wash. The red brick and glass buildings feature floor-to-ceiling windows, balconies and corner offices, due to the retracted floor plans. The properties are part of the booming Puget Sound market.

JLL’s team included Managing Directors Lori Hill and Stuart Williams.

“The combination of strong demographics, no new development and a decrease in vacancy from 14.2 percent to 11.6 percent over the last 24 months has led to lease rates for RCC I and RCC II increasing 9.8 percent and 10.3 percent, respectively, over the same time period,” said Williams, in a prepared statement.

Images courtesy of Yardi Matrix