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Foundation Sells Land, Building to REIT for $52M

SEATTLE-Casey Family Programs, a locally based national foundation, sells its 78,000-sf headquarters and adjacent land capable of supporting several hundred thousand square feet of development to publicly held CarrAmerica Realty Corp.

By Brian K. Miller | Updated on January 06, 2006

SEATTLE-CarrAmerica Realty Corp. has acquired a fully leased 78,000-sf headquarters office building here and adjacent land capable of supporting 600,000-sf of development for $52 million. The seller was Casey Family Programs, a locally-based national foster care foundation.

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.

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