Bentall Sells Issaquah Project for $40 Mil

ISSAQUAH, WA-Schnitzer Northwest LLC added to its Eastside holdings this week by acquiring the two-building, 197,000-sf Sammamish Park Place office project in Issaquah for just shy of $40 million. The seller was Bentall U.S. LLC, which acquired the buildings in 1997 in a portfolio purchase from Vysiz Corp that gave Bentall its foothold in the Western United States.

Chris Aggerholm, Bentall’s regional acquisitions manager, says the company has spent the last few years selling off the non-core piece of the portfolio. Bentall announced its intention to sell Sammamish Park Place in mid-January along with the six-building 560,000-sf Millennium Corporate Park in Redmond; the 196,461-sf Bentall Executive Center in Santa Ana, CA; the 284,369-sf One Pacific Plaza in Huntington Beach, CA; and the 487,404-sf 1888 Century Park East office tower in West Los Angeles.

A Schnitzer Northwest official did not make himself available for comment Thursday regarding Sammamish Park Place. The company was represented by Scott Langley, who began the transaction while still a senior broker with Cushman & Wakefield and now is the new president of Portland-based Ashforth Pacific Inc.The sole tenant in Sammamish Park Place is Microsoft, which has just a couple of years left on its lease, says Aggerholm, but seems committed to the area, having committed to occupying an 880,000 addition to Sammamish Park Place currently under development.