A joint venture between Seattle-based Talon Properties and Los Angeles-based PCCP has placed on the market two office buildings that are part of the Redstone Corporate Center located in Lynnwood and Mountlake Terrace. The sale is expected to fetch over $64 million, or $200 per square foot, according to sources familiar with the sale, who confirmed the details. The two properties total 320,000 square feet.
The sources also confirmed that JLL, which is acting as the leasing broker for the properties, is marketing the buildings for sale, as well.
Redstone Corporate Center is a Class A office product. Building I, which is located at 19020 33rd Avenue West in Lynnwood is a six story building featuring roughly 40,000 square foot plates and four levels of below-grade parking. It currently lists approximately 18,000 square feet of available space for leasing and includes tenants like Charles Schwab, PEMCO Insurance, Old Republic Title and DeVry University. The property is located in close proximity to the Alderwood Mall, which is a major retail destination for the region. In addition, there are six hotel properties in close proximity to the building, according to the building’s marketing flyer.
Building II, which is located at 6100 219th St SW in Mountlake Terrace is five stories. It features a recently-renovated lobby, 30,000 square foot floor plates and three floors of below-grade parking. This building has higher vacancy, just over 37,000 square feet spread across seven suites. The city of Mountlake Terrace City Hall is located in the building, as well as Galvin Realty Law Group, Academy Mortgage – Seattle and Mountlake Terrace Utilities.
According to Snohomish County public records, the two properties were purchased in October of 2013 from Chicago-based Pearlmark. The Lynnwood property was purchased for $31,051,759, and the Mountlake Terrace building was purchased for $21,028,000.