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CarrAmerica Buys West Willows Tech Center

REDMOND, WA-With Cingular committed to leasing the three-building 155,386-sf complex for the next decade, the Washington, DC-based office REIT CarrAmerica buys it for $35.6 million, a price it says will result in a first year GAPP return of 8.1%.

By Brian K. Miller | Updated on August 23, 2005

REDMOND, WA-The 155,386-sf West Willows Technology Center here has changed hands for $35.6 million. The three-building office complex here is fully occupied by Cingular on a long-term basis.

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.

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