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January 20, 2017

Old WeyCo campus sold for $15.65M

Seattle Daily Journal of Commerce

FEDERAL WAY - King County records show the Evergreen Corporate Center has sold for $15.65 million.

The seller was an LLC associated with LBA Realty Fund of Irvine, California, which acquired the property in 2005 for $11.2 million.

The buyer was an LLC associated with HomeStreet Bank, as confirmed by the bank.

The 10-acre property at 33405 Eighth Ave. S. was developed in 1979 as Weyerhaeuser West Campus. It has a two-story building with 114,707 square feet.

Leasing agent Kidder Mathews says the building was recently renovated.

Jones Lang LaSalle's Rob Nielsen and Hughes McLaughlin represented the buyer.

HomeStreet said it was an off-market sale, arranged directly with LBA. The bank currently leases about 60,000 square feet in the building.

LBA also recently sold the Time Square office park in Renton for $55 million and Springbrook Distribution Center in Kent for $40.3 million.

Last year, LBA announced a $1.5 billion portfolio sale of 46 West Coast properties to Blackstone Group.

© 2017 Seattle Daily Journal of Commerce. All rights reserved.

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