BOTHELL, WA-San Francisco-based investment firm Stockbridge Capital Group has acquired the 90,348-square-foot North Creek Place office building from Seattle-based Schnitzer West for $24.5 million, according to public records. Kevin Shannon, a CBRE vice president who represented both parties in the sale—as well as representing Schnitzer in a $480 million office sale this past summer that was the largest in the West this year—tells GlobeSt.com that the deal reflects the continuing investor interest in Seattle area office buildings because of strong fundamentals driving the Puget Sound market.

“Capital loves markets that are creating jobs and have declining vacancies, and this asset was 93% leased with no tenant rollover for the first few years,” says Shannon, who led a CBRE team including Todd Tydlaska and Dwight Newell that represented both parties in the North Creek Place sale. The property is a three-story office building at 12100 N.E. 195th St. in Bothell that was built in 1999, with WHPacific as the anchor tenant with about 25% of the space.

Shannon says that although the North Creek Place building and the Schnitzer buildings that traded in the $480 million sale were different types of assets—suburban office versus downtown CBD properties—sales of quality buildings of all types are reflecting the strong fundamentals of the Puget Sound market as well as the positive outlook in the region. “We have been looking at deals across the entire Western US, and clearly the underwriting has held up in the Seattle market better than most,” Shannon explains. “It’s because they’re generating jobs and they have real, positive absorption. The tech sector there is growing at 5.1% right now in terms of jobs, which is almost four times the national average.”