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EOP Exits Suburban Seattle Market with Two Multi-Building Sales

SEATTLE-Equity Office Properties Trust sells its last industrial asset in the Seattle MSA and unloads all five of its suburban office properties in the region in two transactions totaling 523,000 sf and $69.5 million.

By Gina Binole | Updated on January 14, 2003

SEATTLE-Equity Office Properties Trust is no longer a player in either the industrial market or the suburban office market here in the greater Seattle area. The Chicago-based REIT sold its last industrial asset in the Seattle MSA and all five of its suburban office properties in two transactions totaling 523,000 sf and $69.5 million.

The properties included three properties in the Eastside market and three properties in the Auburn/Federal Way market. For $56.2 million, Rreef picked up the three Eastside properties, including: the six-building, 204,842-sf Northcreek Parkway Center in the Mill Creek/Woodinville submarket; the five-building, 126,479-sf Redmond Heights Tech Center in the Redmond submarket; and the two-building, 77,072-sf Kirkland 118 Commerce Center in the Kirkland submarket, which was EOP’s only remaining industrial property in the Seattle MSA.

The three properties in the Auburn/Federal Way submarket were scooped up by Transpacific Investments for $13.5 million. They include: the 51,124-sf ABAM Building; Washington Park I, a 50,603-sf property; and 530 S. 336th St., a 12,800-sf property.

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