A three-story office campus was acquired in Tukwila last Friday, by Seattle-based real estate investment firm Talon Private Capital, for $22.2 million, or just over $126 per square foot, according to public records. Dan Foster and Matthew Hinrichs, partners of Seattle-based brokerage firm Orion Commercial Partners LLC, represented the buyer in the transaction. The seller of the property is Palo Alto-based Broadreach Capital Partners, LLC. Neither buyer or seller were available for comment.
“It’s about a block and a half to two blocks due east of the Southcenter Mall and tucked up against the river,” said Foster. “It has quite a nice view, and one of the nice features about it is that the city is building a pedestrian bridge across the Green River that will connect people more easily to the Sounder transit station. The location is what I would call the destination area for the Southend office market.”
It has quite a nice view, and one of the nice features about it is that the city is building a pedestrian bridge across the Green River that will connect people more easily to the Sounder transit station
Located at 16000, 16040 and 16300 Christensen Road, Riverview Plaza is in the southeast quadrant where Interstate 405 intersects Interstate 5. Built in 1982, the three buildings total 175,330 square feet on a 3.5 acre parcel. According to Loopnet, the rental rates for the campus are listed between $25-$26 per square foot per year and 16,895 square feet is available, making the building nearly 90 percent occupied. Some of the current tenants include Raytheon Company, Northwest Hydraulic Consultants Inc. and Mills Bros. International Inc.
According to CBRE’s most recent Puget Sound Office report for the first quarter of 2016, the region’s total vacancy rate is sitting at 12 percent with an average lease rate of $34.45 per square foot, as the area absorbed a total of 674,729 square feet in new product. In comparison, Tukwila’s submarket has a total of 2,132,576 square feet of rentable office space that sits at a vacancy rate of 11.4 percent, slightly under the regional average.