The properties are located at 1300 Dexter Ave. N. on the southwest side of Lake Union. CarrAmerica allotted $22 million of the cost to the five-story office building, which Casey Family Programs is leasing back for the next 10 years, with one five- year option. The property, which was developed in 1981, includes two-levels of covered parking.

CarrAmerica's Seattle area managing director Clete Casper says the office building is expected to provide a year one GAAP return of 7.58%. When the site is fully developed, which is expected to take three to five years, the stabilized return on the development portion is expected to be 100 to 200 basis points higher. CarrAmerica now owns 38 office and R&D buildings in the Seattle area.

The South Lake Union Area is a submarket of downtown Seattle situated at the southern tip of Lake Union. The area has been a burgeoning new mixed-use area since billionaire Paul Allen's real estate arm Vulcan Inc. began buying and redeveloping land in the area several years ago. The company, which now owns some 60 acres there, has completed several office and condominium projects, has 900,000 sf currently under construction and another three million square feet in the development pipeline.