Home Commercial Clarion Partners Spends $18.02MM to Buy RiverPoint Corporate Center in Tukwila, Wash.

Clarion Partners Spends $18.02MM to Buy RiverPoint Corporate Center in Tukwila, Wash.

Clarion Partners, RiverPoint Corporate Center, O’Keefe Development, Park Place Shopping Center, Tukwila
Courtesy of O’Keefe Development

By Meghan Hall

New York-based Clarion Partners is continuing to wheel and deal in the Puget Sound suburb of Tukwila, Wash. After selling a local shopping center at the beginning of February, the firm closed on a second deal, this time buying the RiverPoint Corporate Center for $18.02 million, or about $174  per square foot. Public records indicate that the sale was finalized on March 25th, and the seller is an entity affiliated with O’Keefe Development.

The asset is located at 18200 and 18300 Cascade Ave. S. The two-building, Class A office campus features an onsite fitness center and showers, and an on-site food facility, according to a listing on LoopNet. The buildings total 103,425 square feet.

“Location is everything. RiverPoint Corporate Center is in the heart of South Seattle close to all major freeways, shopping complexes, and with the newly constructed levy on the property – offers a unique location for those who don’t want to sacrifice outdoor adventures and activities while at work,” a landing page for the property states.

The property will add to Clarion’s local portfolio. Last month, the firm sold the Park Place Shopping Center for $36 million. In December, the company spent $105 million to acquire a newly-completed industrial asset from Washington Capital Management. 

Clarion invests in high-quality properties across office, retail, industrial, multifamily and hotel, according to its website. Currently, the firm is backed by around 500 institutional investors and has about $65.9 million total assets under management.

As of this writing, O’Keefe Development had not yet returned The Registry’s request for comment.