Despite the popularization of remote work over the past several years, large investments in the Puget Sound’s commercial office market continue to take place. In a deal that was recorded on Aug. 31, New York-based LCN Capital Partners purchased the Redmond Hilltop Office Campus for $90.1 million, or about $503 per square foot. According to King County public records, the property was sold to an entity affiliated with Transwestern Investment Group.
The three-building property is located across several addresses at 6464, 6222 and 6244 185th Avenue NE in Redmond. Earlier this year, Amazon signed a lease to occupy the 178,957 square foot campus, according to previous reporting from The Registry.
The office campus is situated in Southeast Redmond, near Marymoor Park. The area has, for many years, been home to major technology corporations, with the Redmond Technology Center just a short drive from the property. Also near the office asset is Microsoft’s expansive headquarters campus, which is currently undergoing a multi-year expansion.
This week, Microsoft also paid $37.6 million for an eight-acre site in Redmond, which is just five minutes from the Redmond Hilltop Office Campus.
The Amazon-leased property last traded in hands in 2017, when Transwestern acquired the asset for $39.3 million, according to reports at the time of the sale. The property has since undergone various tenant improvements.
Its new owner, LCN Capital Partners, invests in assets across both North America and Europe. With a portfolio that spans more than 300 properties in 16 countries, the global investment company currently holds more than 30 million square feet across various property types.