Broadreach believes Riverview's in-place rental rates lag the market, creating an opportunity for the company to capture value as it applies its repositioning program to existing vacancy and near-term rollover activity. The company has selected Pacific Real Estate Partners to provide leasing and Unico Properties to provide management services.

"The Seattle area continues to improve and grow posting over one million sf of net absorption in the CBD in 2006," says Trevor Wilson, a senior director responsible for Broadreach's investment activity in the Pacific Northwest region. "We believe that the Southend, and Riverview Plaza in particular, will benefit from the continued tightening in the Eastside and CBD office markets."

Riverview Plaza is Broadreach's second office acquisition in the Seattle area in the past six months. The firm recently purchased 1915 Terry Ave., a 251,000-sf building located Downtown, and structured a long term lease with Children's Hospital for the entire project. Broadreach also owns Eastgate Office Center III & IV in Bellevue, a 141,000-sf development.