Grosvenor Americas has acquired 11 Class A office buildings in the Seattle, WA suburb of Bothell from owner/developer Schnitzer West, LLC for $167.5 million. The investment, with a total of 712,460 square feet of office space, is located within the 125-acre Schnitzer North Creek office campus. Schnitzer West will continue to provide onsite property management. CBRE represented the seller.
“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.”
“Seattle’s Eastside submarket continues to absorb significant amounts of office space, resulting in the lowest vacancy rate of the five regional market areas,” added James Delmotte, Senior Vice President, Investment, Grosvenor Americas. “Controlling a critical mass of office space in Bothell will allow us to actively manage our tenants’ changing space needs.”
"We are excited about our new partnership with Grosvenor and we look forward to continuing our role managing the North Creek properties on their behalf," said Pete Aparico, Investment Director, Schnitzer West. "Given the strong economic conditions in the Bothell area and broader Puget Sound region and the growing demand for Class A commercial office space, the North Creek properties represent a tremendous investment opportunity for Grosvenor."
The 11 institutional grade buildings acquired by Grosvenor Americas are part of Schnitzer North Creek’s 24 office buildings totaling more than 1.1 million SF. The campus was built around the North Creek stream, providing extensive green space and natural surroundings. The property, just a 20-minute reverse-commute drive from downtown Seattle, enjoys direct access to I-405 and is just minutes from both I-5 and SR-522.
While this is Grosvenor Americas’ first office property acquisition in the Puget Sound region, the company owns (wholly or in joint ventures) nine multifamily communities with 1,954 rental apartments and townhomes in the Puget Sound region as well as 195 apartments in the San Francisco Bay region, and 92 live/work rental units in Vancouver, BC. In addition, Grosvenor Americas has developed or acquired extensive office, retail, mixed-use, and industrial property throughout the U.S. and Canada.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor is a privately-owned property group, active in some of the world’s most dynamic cities with 19 offices in 12 countries and assets in a total of 17 countries. The group operates and invests in three different business areas: direct proprietary investment in real estate through our Operating Companies in Britain and Ireland, the Americas and Asia Pacific; indirect proprietary investment in real estate managed by others, which is the responsibility of the holding company; and our international fund management Operating Company – Grosvenor Fund Management – which manages capital on behalf of investors. As of Dec. 31, 2012, the group had total assets under management of US$19.9 billion. Unusually for a private company, Grosvenor publishes a full Annual Report & Accounts, available at: www.grosvenor.com.
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff and Schnitzer Investment Corp (now MMGL Corp), and led by a core team of regional operating partners, Schnitzer West has developed, or acquired and repositioned, eight million SF of commercial real estate in the Seattle, Portland and Denver markets, including Class-A and suburban office; flex, industrial, bio-tech space; upscale retail space and luxury multifamily. Schnitzer West currently asset and property manages 4.5 million square feet in the Seattle and Denver areas. Learn more at www.schnitzerwest.com.