(EDITOR’S NOTE: The Registry reported the sale of this property effective June 2, 2017. The transaction was for $35.5 million, or approximately $183 per square foot.)
PORTLAND, OR– July 17, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Plaza at North Creek, a flagship office campus totaling 194,074 square feet in the suburban Seattle community of Bothell, Washington.
HFF marketed the property on behalf of the seller and procured the buyer, MRM Capital.
The Plaza at North Creek comprises two three-story, Class A office buildings located at 18911 and 19015 North Creek Parkway in Bothell, a community about 13 miles northeast of downtown Seattle. This location, adjacent to Interstate 405, is part of the Eastside’s life science industry hub, which is home to more than 50 life science employers. Key tenants at the 80.7 percent leased property include Allstate and SNC-Lavalin.
The HFF investment sales team representing the seller was led by senior managing director Nick Kucha and director Dave Otis.
“The Plaza at North Creek’s superb Class A office space has allowed the park to consistently outperform the Bothell submarket, maintaining a 10-year historical average occupancy of 92 percent, 600 basis points higher than the Bothell submarket historical average of 86 percent,” said Kucha. “The Plaza at North Creek is THE destination for users seeking a Bothell address.”
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.