Sun Life acquired the building as an investment in 1988, the same year Quadrant Corp. developed it for Seattle-based Group Health Cooperative, the nation's second largest consumer-governed nonprofit health care system. Group Health inked a 15-year lease in 1988. That lease expires at the end of this month.
With Group Health not planning to renew its lease, Sun Life was able to find an owner-user to acquire the building instead of having to find a new tenant for the building. Sea Mar, which specializes in providing health care to the Latino community, will use the building as an office and clinic location just as Group Health did.
Sun Life Senior Investment Officer John Mulvihill negotiated the sale of the building. Mulvihill tells GlobeSt.com Sun Life typically now invests in larger, multi-tenant office, industrial and retail buildings, "so there was some portfolio pruning going on as well as taking advantage of an opportunity to sell to a user."
Sun Life Financial US, a division of Toronto-based Sun Life Financial Services of Canada, still owns a few assets in Washington, including a 32,000-sf multi-tenant office building in Federal Way, WA and a 43,000-sf, single-tenant building in Bothell, WA. In May, Sun Life acquired its first Oregon property after two years of looking, paying $9.4 million for Plaza West, a 67,165-sf office building located adjacent to Lincoln Center in Downtown Tigard. The five-story building at 9600 South West Oak St. is 90% leased to 13 tenants including Ashmead College, which occupies one-third of the building.
"We're definitely looking to add more stuff," Sun Life Senior Investment Officer Matthew Capofreddi told GlobeSt.com at the time. "It's a little slow right now, but long term it's a great market with good fundamentals."
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