LYNNWOOD — Two large office buildings are up for sale: Redstone 1 in Lynnwood and Redstone 2 in Mountlake Terrace.
They are expected to sell for more than $64 million — about $200 per square foot, according to Real Estate Alert, a newsletter that covers the national commercial real estate market.
JLL is marketing the two locations, which together have about 320,000 square feet.
Redstone 1 is six stories with three levels of underground parking. More than 90 percent of its roughly 200,000 square feet of office and commercial space is leased out. Tenants include Charles Schwab, the real estate firm Century 21 and PEMCO Insurance. It is located at 19020 33rd Ave. near the Alderwood mall. It was built in 2002.
Slightly more than two-thirds of the five-story Redstone 2 is leased. Tenants include the City of Mountlake Terrace. The building went up in 1999 and has 118,000 square feet of office and commercial space. It is at 6100 219th St.
The buildings currently are owned by a joint venture between Los Angeles-based equity firm PCCP and Talon Private Capital, a Seattle-based real estate investment firm. The two bought the Redstone buildings from Chicago’s Pearlmark Real Estate for $52 million in 2013, according to Real Estate Alert. Occupancy was below 70 percent at the time.
Office space is hard to find in the Seattle area, where occupancy rates are more than 90 percent. Rents have risen about 4 percent a year since 2013, according Marcus & Millichap, a commercial real estate brokerage firm.
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