In a $22.3 million sale, Philadelphia-based Equus Capital Partners, Ltd has acquired two more office buildings at Quadrant Willows Corporate Center in Redmond from seller, Palo Alto-based Menlo Equities.
The recent acquisition includes building B, at 65,080-square-feet and building D, at roughly 55,000-square-feet. The buildings sold for $11.9 million and $10.4 million, respectively, and located at 11351 Willows Road NE and 11261 Willows Road NE. On a combined per square-foot basis, that comes to approximately $186.
Equus purchased two buildings at Quadrant Willows Corporate Center back in March of 2016 from Foster City, Calif. -based Legacy Partners (now Steelwave) for $25.6 million. The buy included Buildings C and E, totaling roughly 130,000-square-feet, or roughly $197 per square foot. They are located at 11121 and 11241 Willows Road NE. Kidder Mathews commercial real estate brokers Joe Lynch, Andy Miller, Bob Conrad and Dan Harden represented the seller, Steelwave, in the transaction at the time.
Buildings C and E underwent renovations in 2008 to include lobbies, elevator cabs and elevator lobbies on all floors. They also have views of the Cascade Mountains and surface parking.
The space has corner suites, private offices, conference rooms, break rooms and space for cubicles. Building D boasts new finishes in common areas, private and open office spaces and views overlooking Willows Run Golf Course.
According to a Real Estate Market Review from Kidder Mathews, Bellevue CBD and submarkets saw an increase in activity during the third quarter of 2016. “Net of the issues in the Bellevue CBD, the rest of the Eastside market is expected to see vacancies trend downward and rental rates upward over the next few years.” The report added “…the Kirkland, Redmond and 520 submarkets continue to perform very well, ending the quarter with vacancy rates between 3.2 percent and 5.9 percent.”
