BOTHELL, WA-Grosvenor Americas has acquired 11 class A office buildings in this Seattle suburb from owner/developer Schnitzer West, LLC for $167.5 million.
The investment, with a total of 712,460 square feet of office space, is located within the 125-acre Schnitzer North Creek office campus. Schnitzer West will continue to provide onsite property management. CBRE represented the seller.
“This transaction significantly increases Grosvenor Americas' investment holdings in the Puget Sound region and furthers our strategy of investing in gateway markets with highly educated and well-trained work forces,” said Michael Beattie, chief investment officer, Grosvenor Americas. “We believe the area will experience higher growth than many parts of the U.S. over the next several years, and this acquisition provides the opportunity and exposure.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
