SEATTLE-Federal Partners, a firm focused on acquiring U.S. Federal Government-leased office buildings around the continental US, has purchased the 199,168-square-foot FAA Building here for $35.25 million. The building is 100% leased to the Federal Aviation Administration through July 2015.
Federal Partners has retained Unico to manage the property. Jones Lang LaSalle’s capital markets team including managing director Michel Seifer and senior vice president Rob Hielscher worked on the transaction. Senior vice president Marcy Owens Test, who is part of Jones Lang LaSalle’s Government Investor Services team, also assisted in the transaction.
“The offering garnered broad investor interest given the quality of the asset as well as the rapidly improving Seattle economy,” Seifer says. “Particular interest came from investors who were conversant with the nuances of GSA tenancy and were attracted to this particular deal by the opportunity to renew and retain the FAA occupancy on a long term basis.”
According to Darryl Asack, managing director of Federal Partners, “Our intent is first and foremost to provide best-in-class services to the Federal Aviation Administration in support of their critical work at this location. In the years ahead, we also hope to make a compelling economic case to both the agency and the GSA that the necessary consolidation of personnel and operations for the FAA’s Western Service Center is best achieved at this long-proven Renton location through redevelopment and expansion on-site.”
Designed and developed for the FAA in 1990, the property has been continuously upgraded over the past 20 years to accommodate the ongoing requirements and long-term needs of the FAA. The building has received an Energy Star rating of 91 and achieved the USGBC’s LEED-EB Gold certification.
On-site amenities include a stand-alone childcare center, employee fitness center, full-service cafeteria and federal employee credit union. Flexible floorplates can easily accommodate future multi-tenant occupancy, and the site offers development potential as well.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
