SEATTLE-Highlands Corporate Center, a three office/life science building property totaling 173,254 square feet, has changed hands for $39 million. The center is located in Bothell, WA, in metro Seattle's Eastside.
Constructed in 1998, Highlands Corporate Center has two tenants, FujiFilm Sonosite Inc. and Seattle Genetics, and 70% of its rentable area is tied to a long-term lease. The portfolio consists of the following properties, which are situated in a 10.3-acre corporate campus setting:
• The 64,220-square-foot 21909 30th Drive SE.
• The 57,830-square-foot 22011 30th Drive SE.
• The 51,204-square-foot 22025 30th Drive SE.
Managing directors Lori Hill and Stuart Williams led the Jones Lang LaSalle team on the transaction. The seller was Bentall Kennedy.
While sources involved in the transaction could not disclose the buyer's identity, an unidentified industry source tells GlobeSt.com that the buyer was Seattle-based investor firm, Clise Properties.
“This was a unique opportunity to purchase an exceptionally maintained, fully leased portfolio at below replacement cost,” Hill says. “Bothell is one of the most prominent life sciences markets in the US, and chances to purchase these kinds of properties in this area are rare. The strong in-place net operating income of this portfolio, which will only grow because of fixed annual rental increases, added to its considerable appeal in the marketplace.”
Highlands Corporate Center is part of a strong office market. AT&T, T-Mobile, Panasonic, Bristol Meyer Squibb, Google, General Dynamics and Puget Sound Energy are some of the major companies that lease space in Bothell, and the Eastside featured an office vacancy rate of just 10.5% at the end of the third quarter.
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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.
