The Roxborough Group Acquires Metro Seattle Office Portfolio for $73.6M
REDMOND, WASH. — San Francisco-based investor The Roxborough Group LLC has acquired Quadrant Willows, a 248,041-square-foot, Class A office complex in Redmond, an eastern suburb of Seattle. The purchase price was $73.6 million, according to the Seattle Daily Journal of Commerce.
The four buildings of Quadrant Willows are located along Willows Road in the tech-dominated Redmond submarket. The seller, Equus Capital Partners Ltd., acquired the complex in 2016 and has since completed $850,000 worth of renovations.
“We were able to assemble an attractive four-building portfolio, through two separate acquisitions, in one of the most dynamic office markets in the country and take the occupancy from a combined 78 percent at acquisition to 100 percent at the time of sale,” says Robert Butchenhart, vice president for Equus and manager for Equus’ West Coast office.
Redmond benefits from Microsoft’s 8 million-square-foot corporate headquarters and the Eastlink Light Rail transit line.
“The Redmond submarket is one of the most dynamic Eastside submarkets with 21.5 percent rent growth over the past 24 months. Vacancy, including Microsoft, is at 4.4 percent with overall Eastside vacancy at 4.3 percent,” says Joe Lynch, executive managing director of Newmark Night Frank (NKF), which represented the Equus in the transaction.
“Recent lease commitments and expansions from Facebook in the Spring District, Google in Kirkland, Amazon in the Bellevue CBD and Facebook Technologies along Willows Road continue to drive rents higher, making suburban office investments very attractive,” he adds.
Lynch, Nick Kucha, Ken White, Michael Moll, James Childress and Dan Harden of NKF represented the seller in the transaction. An internal team represented Roxborough.
— Alex Patton