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CarrAmerica Buys North Creek Plaza Buildings

BOTHELL, WA-The Washington, DC-based REIT pays $45.5 million for a two-building, 193,500-sf office/R&D development here that is 93% leased.

By Brian K. Miller | Updated on December 26, 2005

BOTHELL, WA-CarrAmerica Realty Corp. has acquired two office/R&D buildings here for $45.5 million. The buildings total 193,454 sf and are 93% leased, according to the Washington, DC-based REIT.

The buildings are known by their addresses: 18911 and 19015 North Creek Parkway. CarrAmerica expects the investment to provide a year-one GAAP return of 6% and a stabilized GAAP return of 7.2%.

Completed in 1990, the two three-story buildings are located just east of Interstate 405, the main north-south freeway on the Eastside. The 18911 building contains 97,254 sf (rentable) and the 19015 building contains 96,200 sf.

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