While facing a number of ongoing challenges, the Puget Sound’s office market continues to see properties trade hands. In one recent transaction, an office building in Everett was acquired by North Carolina-based HC Government Realty Trust for $15.5 million, or approximately $553 per square foot. The seller in the transaction is an entity linked to Robert Pardo of Catalyst Capital Holdings.
Located at 220 Olympic Blvd., the 28,000 square foot property was built in 2022 and also offers 118 surface parking spaces, according to a listing for the site on Loopnet.com. The building is fully leased to the U.S. Department of Veteran Affairs, which utilizes the site as its VA Puget Sound Health Care System Everett Clinic.
The medical office building is located just north of W Mukilteo Boulevard and closely situated to Interstate 5, providing access to the rest of the Puget Sound region.
HC Government Realty Trust, Inc. is a publicly offered real estate investment trust focused on the acquisition and management of federally leased office buildings. The company’s current portfolio spans a number of states across the country, including Washington, Idaho, Colorado, Texas, Florida and others. In Washington, the company also owns a Lakewood property occupied by the Department of Homeland Security.
While there have not been many office sales recorded in Everett over the last quarter, several have traded in the course of the year. According to The Registry’s previous reporting, the Everett Mall Office Park traded hands for $14.3 million, or approximately $76 per square foot. The seller was an entity affiliated with Pflueger-Everett Holdings, LLC, in Bend, Ore., and the buyer was an entity affiliated with Pietromonaco Jackson Properties, a real estate investment firm located in Mercer Island. The property is located at 906 & 1000 SE Everett Mall Way and consists of two buildings totaling 71,994 square feet.
