(EDITOR’S NOTE: According to public documents filed with King County, the sales price for the 13-building property was $28.8MM, or approximately $122 per square foot).
SEATTLE, March 26, 2018 – JLL’s Capital Markets experts today announced the sale of Blackriver Corporate Park in Renton, Washington on behalf of Embarcadero Capital Partners and funds managed by Oaktree Capital Management. Laird Norton purchased the 236,542-square-foot premier office campus, which consists of 11 single-story and two two-story office buildings
Located in Seattle’s strongest Southend submarket, this sprawling campus is ideally positioned between the urban centers of Downtown Seattle and Bellevue with superior access to I-405 and I-5. Over $5 million was spent in capital improvements over the last five years, including roof replacements, HVAC upgrades, parking lot improvements, electric vehicle charging stations, conference center and proposed fitness center.
Managing Directors Lori Hill and Stuart Williams led the JLL team on the sale.
“The Southend has diversified greatly over the last 20 years, establishing itself as a less costly alternative to the Seattle and Bellevue office markets to the north. In addition, the Renton/Tukwila market, the largest submarket in the Southend, has remained one of the most stable and healthiest submarkets in the entire Puget Sound region,” Hill said.
“Due to the various sized buildings and variety of spaces within the larger campus, there is tremendous flexibility to adapt to tenants’ demands for space,” added Williams. “The Southend office market is expected to see strong leasing activity in the coming years with quality buildings offering affordability in lease rates and abundant free parking; these factors will be attractive and important to companies faced with rapidly increasing office rents in downtown Seattle and Bellevue.”
The campus is located near Westfield Southcenter Mall, which is one of the largest shopping centers in the Pacific Northwest, offering unparalleled selection of over 240 stores. The shopping center is within an eight-minute drive from Blackriver Corporate Park.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.