Home Commercial Alexandria’s Bothell Buying Binge Continues into 2022 with $72.5MM Acquisition

Alexandria’s Bothell Buying Binge Continues into 2022 with $72.5MM Acquisition

Alexandria Real Estate Equities, Bothell, T-Mobile, Canyon Pointe, Strategic Office Partners
Courtesy of SOP

By Meghan Hall

2021 was a big year for the Seattle suburb of Bothell in that it saw one of the biggest names in life sciences establish a sizable footprint in the market. Pasadena, Calif.-based Alexandria Real Estate Equities has moved into the area quickly, with a number of acquisitions closed during the past year. Now, at the beginning of 2022, it has made another purchase, buying an office campus for $72.5 million. According to public records, the seller is affiliated with Strategic Office Partners (SOP).

The buildings are located at 22213 30th Dr. SE and 22309 30th Dr. SE and are part of T-Mobile Canyon Pointe, an IT campus. Snohomish County records show that the campus consists of two buildings, constructed in 2007, that sit on about 9.76 acres. Both buildings each have 90,504 square feet, and they are 100 percent net-leased to T-Mobile, states SOP’s website.

“Canyon Pointe is the newest and highest quality office project located within the Canyon Park Business Center, one of the premier master-planned business parks within the Eastside Seattle market.

The campus is in a highly commercial area, surrounded by companies such as Seagen, Leviton Network Solutions, Blue Canyon Exports and others. Interstate 405, plus several shopping centers with retailers such as QFC, RiteAid and local eateries, are also nearby.

The acquisition is far from Alexandria’s first in the neighborhood, and the company is continuing the momentum it built in 2021. Over the past year, Alexandria has made a number of buys in Bothell, beginning with the $121.9 million acquisition of a number of assets off of Monte Villa Parkway. That was followed by its purchase of the Canyon Park Business Center in February of 2021 for $200 million, and Canyon Park Heights for $45 million. The company also purchased Canyon Park 228 for $32 million in August of 2021.

At the end of the third quarter of 2021, Alexandria had more than $23 billion worth of commercial real estate on its balance sheet. In addition to acquisitions, the firm has been active in development. Currently, the firm has more than 7.7 million square feet of space under construction, and near-term projects are about 80 percent leased.