Seattle Area Office Duo Trades

REDMOND, WA— Equus Capital Partners, Ltd. has acquired Quadrant Willows C and E , a two-building office portfolio totaling 129,972 square-feet located in this Seattle suburb. The acquisition was made on behalf of Equus Investment Partnership X, L.P. , a discretionary fund managed by Equus.

The two Quadrant Willows buildings are 81% occupied.

The seller, Steelwave , was represented by Andy Miller, Joe Lynch, Bob Conrad , and Dan Harden of Kidder Mathews . Built in 1998 and 2000, respectively, Quadrant Willows C and E were collectively, 81% occupied at the time of acquisition. Each three-story office building is situated on its own individual parcel and enjoys a surface-parking ratio of 3.1 spaces per 1,000 square-feet. The two buildings have recently undergone approximately $1 million in  renovations, including upgrades made to the common-area lobbies and restrooms, new state-of-the-art electronic directory systems installed in each building, HVAC system upgrades, as well as new tenant signage, furniture, equipment, and artwork. In addition, both properties enjoy a recently upgraded tenant picnic area and are surrounded by beautiful, well-manicured landscaping. Strategically situated in the Redmond submarket of Eastside Seattle , Quadrant Willows is located along Willows Road , at the west end of the Redmond Valley. The property provides convenient access to I-405 and SR 520 , two of the region’s major transportation corridors.  Quadrant Willows’ location is also in close proximity to the Microsoft World Headquarters and Nintendo USA Headquarters , which create a growing demand for quality nearby office space.  In addition to employment concentration in software, aerospace, technology, and wireless communications, Redmond, along with nearby Kirkland and Bellevue , serves as headquarters for the highest concentration of interactive gaming companies in the United States. “This transaction provides the opportunity to acquire two high-quality office buildings that are located in the same neighborhood as some of the nation’s largest and most notable companies, including Microsoft, whose world headquarters are located in Redmond.  With our plans for additional and significant capital upgrades, we believe both properties will become even more attractive and sought after by tenants in the marketplace,” said Robert Butchenhart , real estate director of Equus who oversaw the acquisition for the firm. Equus Capital Partners is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square feet of office, retail, and industrial properties and nearly 11,000 apartment units across 48 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington D.C., Boston, Atlanta, and Raleigh-Durham