A joint venture between Pacific Coast Capital Partners and Meriwether Partners LLC acquired Southcenter Corporate Square, a 220,548-square-foot office park in Tukwila, Wash.
The value of the transaction was not disclosed.
Seattle-based Washington Holdings sold the property, which is located on Andover Park West, a major north/south arterial through the Southend submarket. Originally built between 1978 and 1980 as a build-to-suit for Boeing Co., the 14-acre site encompasses 11 two-story office buildings and was 76 percent occupied at closing.
“The joint venture plans on implementing an aggressive marketing program to lease the property’s remaining 57,500 square feet of available space in an improving office-rental-rate environment,” said Christopher Longinetti, vice president with Pacific Coast Capital Partners’ Portland, Oregon office. “We have identified a demand in the submarket for office users with space requirements of approximately 10,000 square feet or smaller, making Southcenter Corporate Square with its 10,000-square-foot floor plates, uniquely positioned to attract these smaller users.”
Some of Southcenter Corporate Square’s tenants at the time of sale included: Home Depot, International Academy of Merchandising & Design Inc., and Ygnition.
