(EDITOR’S NOTE: According to public documents filed with King County, the sales price for the 13-building property was $28.8 million, or approximately $122 per square foot. Embarcadero Capital Partners was the seller of the property).
SEATTLE, Wash. – Laird Norton Properties (LNP), a Seattle-based real estate investment firm, expanded its suburban office holdings with the acquisition of Blackriver Corporate Park located in Renton, Washington. The 13-building, 236,500 square foot office campus sits on 23 acres is 96% leased. Blackriver is the second suburban office park acquired for long-term investment by Laird Norton Properties in the past six months, following its purchase of Redmond Junction at Bear Creek (formerly Bear Creek Corporate Center) in November.
“As LNP grows its real estate platform, we will continue to invest in dynamic locations like Blackriver and Redmond Junction at Bear Creek, both of which offer convenient access to transit, urban amenities, and a diverse mix of housing alternatives along with a business-friendly climate.” said Gabe Levin, Vice President.
The 13-building office campus sits at the south end of Lake Washington, with easy access to I-405, I-5 and Westfield Southcenter. The campus, originally built from 1983-1989, sits on three discontinuous parcels. The property features one and two-story buildings ranging in size from 8,500 to 40,000 square feet, a tenant amenity center and gym, and parking ratio of nearly 5 stalls per 1,000 square feet, all in a landscaped setting adjacent to the Springbrook Trail and Blackriver Riparian Forest and Wetland.
“Our investment will continue after the acquisition with projects that may not have obvious short-term paybacks,” explained Gabe Levin regarding LNP’s investment strategy. “For example, we find that employers value health and wellness initiatives targeted to their specific employee populations; it takes time to find out what people like and will actually use.”
LNP’s current office properties include holdings in the Puget Sound Region, as well as additional properties in Portland, Salt Lake City, and Denver. Last year, LNP and Spectrum Development Solutions entered into a joint venture with a focus on developing workforce housing. Their first project, Canton Lofts, located in Seattle’s Pioneer Square neighborhood, is slated to begin construction later this year.
Alec Maghami, who joined the company as Portfolio Manager in September, led the transaction for LNP.
About Laird Norton Properties
Laird Norton Properties (LNP) is a Seattle-based real estate investment firm that owns and operates a national portfolio. It is a wholly owned subsidiary of Laird Norton Company (LNC), a seventh-generation family enterprise with significant investments in consumer and financial companies. Backed by an experienced team of real estate professionals, Laird Norton Properties provides the flexible capital, thoughtful structures, and diligent management required to successfully execute on strategies across the yield-spectrum. For more information about Laird Norton Properties, please go to: www.lairdnortonproperties.com.