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Grosvenor Buys Schnitzer Seattle Office Portfolio

Schnitzer West Sells 712,000 SF for $167.5 Million
October 15, 2013
Grosvenor Americas entered the Seattle office market with a big splash, buying an 11-building office portfolio from developer Schnitzer West for $167.5 million, or about $235 per square foot.

The properties, totaling 712,460 square feet of class A office space in the Bothell/Kenmore submarket of King County, are part of the 125-acre Schnitzer North Creek office campus, comprised of 24 buildings totaling 1.1 million square feet built in 1999 and 2000. Just 20 minutes from downtown Seattle with direct access to I-405, I-5 and SR-522, the park is built around North Creek stream and boasts extensive green space and natural surroundings.

Schnitzer has been retained by the buyer to continue to provide property management for its new holdings, which include: 19909-20111 120th Ave. NE, 11724 NE 195th St., and 11831-20000 North Creek Pky in Bothell, WA.

This sale marks Grosvenor's first entry into the Puget Sound office market, though it owns nine multifamily communities with 1,954 rental apartments in the area. The privately-owned investment group's portfolio is spread across 17 countries with assets under management valued at $19.9 billion.

"This transaction significantly increases Grosvenor Americas’ investment holdings in the Puget Sound region and furthers our strategy of investing in gateway markets with highly educated and well-trained work forces," said Michael Beattie, chief investment officer, Grosvenor Americas. "We believe the area will experience higher growth than many parts of the U.S. over the next several years, and this acquisition provides the opportunity and exposure."

The seller was represented in the sale by CBRE.

Please see CoStar COMPS #2864446 for additional information on this transaction.

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