Situated on a 31-acre parcel at 6500 Harbour Heights Pkwy., Harbour Pointe Tech Center is owned by WiredZone Holdings, a real estate operating company capitalized by New York-based Apollo Real Estate Advisors LP and Dallas-based Prescott Realty Group. The lease drops vacancy in the building to 54%, the lowest it has been since WiredZone acquired the building five years ago. Gregg Riva and Derek Heed, senior vice presidents with Colliers International, brokered both sides of the transaction.
Smiths is one of the first "second tier" B787 suppliers to lease space in the Paine Field area. The company will supply the landing gear and high lift actuation systems for the aircraft.
WiredZone purchased the building in August 2000 from Raytheon, a Lexington, MA-based defense contractor, for $23 million. The ownership then proceeded to invest several million more to prepare it for bandwidth-intensive, high-tech and telecommunications tenants.
In November of that year, WiredZone landed its first and largest tenant, signing biotech industry supplier CombiMatrix to an eight-year, 85,000-sf lease. At that time, the triple net asking lease rate for office space in the building ranged from $18- to $20 per sf per year.
Then the economy began to tumble, and the building's next tenant didn't come until almost two years later, when Diligenz, a facilitator of Universal Commercial Code searches, signed a five-year, 21,000-sf lease. Another two years after that, in 2004, Diligenz, still the newest tenant, took down an additional 16,623 sf.
By that time, triple net asking rate range had fallen to $10- to $12 per sf, but things were looking up because Boeing had announced would build its new 787 line at its Everett assembly plant just a couple of miles away.
In addition to the available space in the existing building, the property has room to accommodate another 125,000 sf of building space. Riva tells GlobeSt.com the net asking rate for space in the existing facility is $13 per sf per year but adds that ownership "is aggressively going after deals."
WiredZone is a network of buildings designed to meet the needs of technology-intensive tenants. The WiredZone portfolio comprises 3 million sf in Dallas, Houston, Seattle, and Tulsa, OK.
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