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January 06, 2017

Three things to know about BECU's big real estate play

Puget Sound Business Journal

Marc Stiles

Washington state's largest credit union has made a commitment in Tukwila worth $78 million.

That's how much BECU paid Rreef for eight office buildings in the Gateway Corporate Center, 12770 Gateway Drive, where the credit union built its headquarters in 1990.

The deal closed Dec. 27, but it wasn't until this week that BECU laid out its plan for the property.

Here are three things to know about the acquisition of the property, which Kidder Mathews President Bill Frame brokered:

  • Don't expect any big changes soon. BECU said the credit union will honor all tenants' leases.
  • BECU said owning the extra space gives it more more flexibility to accommodate growth and create a campus-like setting for its 650 headquarters employees. BECU will begin developing a master plan to determine how it will use the space.
  • The eight buildings total 376,000 square feet, boosting BECU's total holdings at Gateway to 10 buildings that total 589,000 square feet.

For the full story, go to Puget Sound Business Journal.

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