Irvine, Calif. -based LBA Realty sold last week its Time Square property in Renton for $54.4 million, or $168 per square foot, to Beverly Hills-based Greenbridge Investment Partners, according to public documents. The sale closed on December 19th, 2016. LBA had owned the property since July of 1997, when it paid $32,165,754 to buy the complex from David & Sandra Sabey.
The property sits on a 22.66 acre lot, and the five buildings total 324,287 square feet, according to LBA’s Web site. Four of the five buildings are around 60,000 square feet in size, and one building is just over 90,000 square feet. All of the offices are on two floors, and the property accommodates four parking slots per 1,000 square feet.
According to its Web site, three suites are available for rent, totaling around 30,000 square feet of vacancy, or 10 percent. Some of the tenants in the property include Geico Insurance, Convergent Outsourcing and Northwest Neurological & Neurovascular Services. Leasing in the building is managed by LBA in addition to Cushman & Wakefield Commerce who is represented by Dave Magee and Kevin Smith.
LBA Realty is a full service real estate investment and management company with a diverse portfolio of office and industrial properties in major markets throughout the western United States including California, Colorado, Washington, Oregon, Arizona, Nevada, Texas and Utah.
According to a recent, 3rd quarter, Seattle Office Real Estate Market Review by Kidder Mathews, the South King County market absorbed 36,010 square feet in the third quarter, about a third of the net gain in the previous quarter, but enough to drop the vacancy rate to 8.54 percent and the availability rate by 30 bps to 15.80 percent. The main reason for the higher availability comes from SECO Development’s 840,000 square foot Southport Office Campus under construction in Renton. The brokerage sees no major changes from the recent trends in the South King County market in 2017, resulting in modest reduction in the vacancy rate and some firming of rental rates.