(EDITOR’S NOTE: The sales price was $51 million, or roughly $292 per square foot, for the two-building property, according to Snohomish County records. The buyer was an entity associated with NY-based TPG Real Estate, and the seller was Blackstone’s Equity Office.)
Newmark Knight Frank (NKF) has announced its completion of the sale of Canyon Pointe, a single-tenant, 174,546-square-foot Class A office campus fully occupied by T-Mobile in Bothell, WA. The telecommunications giant has a long-term lease at Canyon Pointe, which is T-Mobile’s second largest office location – the largest being its U.S. headquarters in Bellevue, WA.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Director Bill DeLacy represented the seller.
Built in 2007, the property includes two, three-story buildings situated on 9.76 acres at 22309 and 22213 30th Drive SE. It features private third-floor balconies, abundant on-site parking, 30,000-square-foot floorplates and an outdoor landscaped area. The property 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.
“In recent years, Bothell has experienced exceptional growth, largely due to the explosive success of Seattle and Bellevue office markets, as the submarket offers an attractive discount to the largest cities in the metro area,” said Kucha. “Its proximity to Seattle and Bellevue, its relative discount in rent, and the quality of its office product has helped it to become one of the stronger submarkets on the Eastside.”
Shannon added, “Bothell remains one of the more robust office markets in the Puget Sound due to its concentration of high-tech industries including life sciences, medical device manufacturing, aerospace, telecom, and utilities. Improving office market fundamentals have been a key factor in increasing liquidity in this suburban submarket.”
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.