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Boston Scientific Shifts Tenant Marketing Strategy

REDMOND, WA-A little more than a year ago, the company thought its NW Tech Center could fetch $45 million empty. Now $30 million is closer to reality says broker Hans Kemp, unless a strong tenant is secured to boost the value.

By Janet Parker | Updated on December 31, 2001

REDMOND, WA-Last year when Hans Kemp first began marketing the two-building 163,454-sf Boston Scientific NW Technology Center in Redmond, the asking price was $45 million. But Kemp, a broker with the Seattle office of The Staubach Co., would be the first to recite the new mantra of Puget Sound: “That was then—and this is now.”

Kemp, a broker with the Seattle office of The Staubach Co., tells GlobeSt, “When we initially set out about a year ago, it was obviously a much stronger market. Back then an empty, specialized building was perceived as a huge opportunity for buyers.”

When first putting the campus at 17425 NE Union Hill Rd. on the selling block, Boston Scientific held the belief potential buyers for the vacant property would be numerous. Kemp recounts, “We expected that by the time we got to our closed-bid deadline we would have three or four strong offers. But the market softened drastically during that time, and the offers we received were below our targeted price.”

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