Seattle Office Portfolio Sold for $167.5 Million

Commercial News » Done Deals | By WPC Deals Team | October 16, 2013 1:10 PM ET

Privately-owned property group Grosvenor Americas has purchased an office building portfolio in the Seattle suburb of Bothell from the owner Schnitzer West, LLC for $167.5 million. 

The portfolio includes 11 Class A office buildings totaling 712,460 square feet of space. Schnitzer West will continue managing the property. 

Seattle-office-deal.jpg"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," Michael Beattie, chief investment officer, Grosvenor Americas, said in the release. "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 11 buildings in the deal are part of Schnitzer North Creek's 24 office buildings totaling more than 1.1 million square feet.   

This is the first office property purchase for Grosvenor Americas in the Puget Sound region. The group has assets in 17 countries and operates in three business areas: direct property investments, indirect proprietary investments and international fund management. At year-end 2012, the group had $19.9 billion worth of assets under management.

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