TPG Capital, a San Francisco-based investment company, has recently snapped up Canyon Pointe, a two-building campus in Bothell, Wash., for $51 million. Office portfolio giant EQ Office, which is wholly owned by Blackstone Group, sold the Class A property in January 2019 at approximately $290 per square foot.
Located at 22309 and 22213 30th Drive SE, the 2007-built pair of office properties span 175,616 square feet and are fully leased to T-Mobile since 2008. The two three-story buildings boast 29,000-square-foot floor plates and a parking ratio of 4.
EQ Office is continuing a recent trend of commercial divestitures in the area that began in 2017 with the sale of the four-building, 436,000-square-foot Willows Commerce Park II complex in Redmond. It continued with the Plaza at North Creek buildings in Bothell, along with the entire 520,000-square-foot Redmond East Business Campus, in a three-part transaction spanning from August 2017 till May 2018. The $136 million trade of all seven buildings encompassing the Willow Creek Corporate Center in Redmond was the final deal and closed in August last year, making Redmond and Bothell two of the most transacted submarkets in the Seattle area, according to Yardi Matrix data.
“In recent years, Bothell has experienced exceptional growth, largely due to the explosive success of Seattle and Bellevue office markets, as the submarket offers an attractive discount to the largest cities in the metro area,” Nick Kucha, Vice Chairman of NKF Capital Markets said in a news article. “Its proximity to Seattle and Bellevue, its relative discount in rent, and the quality of its office product has helped it to become one of the stronger submarkets on the Eastside.”
Kevin Shannon, Nick Kucha, Ken White, Michael Moll, and Bill DeLacy of NKF’s Capital Markets division represented the seller.