(EDITOR’S NOTE: According to public records, the building was purchased for $30.25 million, or $297 per square foot.)
BETHESDA, Md., June 6, 2016 — Ascentis Real Estate Partners is pleased to announce the purchase of the Redmond Technology Center, located at 18300 Redmond Way, Redmond, WA. The transaction was completed through the company’s equity fund, Diversified International Partners (DIV) and was announced on May 24, 2016. Kidder Mathews commercial real estate brokers, Andy Miller, Joe Lynch, Bob Conrad and Dan Harden represented the seller, Santa Clara, Calif. -based Menlo Equities, a private commercial real estate investment company, in the transaction. Menlo Equities purchased the building in 2014 for $15.9 million, according to public records.
Andres Gonzalez, President and CEO of Ascentis Investment Management, an Ascentis Real Estate Partners Company announced the transaction. “This deal is a significant addition to the Diversified portfolio (DIV) of real estate holdings,” said Gonzalez. “Seattle is a very dynamic and exciting market. This transaction positions us to continue driving increasing levels of return. The Redmond Technology Center is an exceptionally high quality building with a strong rent roll.”
Built in 2008, and located just 15 miles east of downtown Seattle, the 101,855 square foot property is a LEED Gold rated Class A office building. The 5-story building features a creative open build-out on approximately 65% of the square footage. Sustainable building systems reduce occupancy costs and provide “green” benefits. Garage parking, a rare amenity throughout the Redmond market, provides an attractive benefit for the tenants.
The building is also walking distance to great amenities – Whole Foods, Peet’s Coffee, Jimmy John’s, Chipotle Mexican Grill, as well as close proximity to an abundance of retail and restaurants at Redmond Town Center.
DIV is a real estate private equity fund developed for Latin American institutional and qualified high net worth investors. Ascentis has successfully secured commitments from some of the most prominent pension fund and endowment managers in Latin America. DIV is actively seeking investments in the best markets across the country, focusing on multi-family, office, and industrial/flex properties.
ASCENTIS REAL ESTATE PARTNERS
Headquartered in the Washington, DC metro area, Ascentis Real Estate Partners is a premier investment management and operating company specializing in value-driven investment management strategies and property management services. The firm was founded in 2002 with a drive and vision to meet the needs of investors seeking access to U.S. commercial real estate, capital preservation and strong cash yield. Ascentis still exceeds these goals for our investors and has consistently evolved to address new demands. Ascentis is a dynamic, proactive and innovative company whose resourcefulness in creating proprietary investment opportunities continues to exceed the expectations of our investors and clients.
Ascentis is a sought-after expert in the acquisition, redevelopment and management of commercial assets. While the firm invests nationally, across office, industrial, retail and multifamily sectors, their niche property management operation focuses on multifamily assets along the eastern seaboard. Ascentis has historically serviced markets from South Florida to Maryland; however, their self-managed multifamily portfolio is currently concentrated in the Mid-Atlantic.