Completed in 1995, the three two-story buildings are located at 14500, 14520 and 14560 NE 87th St. Their new owner is CarrAmerica Realty Corp. The Washington, DC-based office and industrial REIT estimates its GAAP return on the investment will be 8.1%.
The company's Seattle-area managing director Clete Casper tells GlobeSt.com that in conjunction with the sale Cingular renewed its lease of the complex. The company, which assumed the previous lease by way of its acquisition of AT&T Wireless, committed to another 11 years in the building, he says.
"When Cingular, which is based in Atlanta, merged with AT&T Wireless, based in Redmond, there was a fear [in Redmond] that Cingular would be pulling significant numbers of people out of the market," says Casper. "Instead, they have elected to make a long-term commitment, so we find that reassuring."
A source at CarrAmerica tells GlobeSt.com the West Willows buildings were acquired from two different sellers. The 14520 and 14560 buildings were acquired from 87th Avenue Associates LLC of Mercer Island. The 14500 building was acquired from Med Willows LLC. The agent for both LLCs is listed as Wesmar Investments LLC of Mercer Island. The agent for Wesmar Investments is listed as 87th Avenue Associates LLC. The listing brokers in this transaction, Tim O'Keefe and Joe Baldwin of CB Richard Ellis, were not available Tuesday morning for comment.
In Seattle's Eastside, CarrAmerica now owns 35 office and R&D buildings containing over 1.7 million sf. Cingular also leases space at CarrAmerica's Canyon Park Commons office campus in Bothell. Nationwide, CarrAmerica owns, develops and operates 27 million sf in 290 operating properties in 12 markets.
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