BOTHELL – An office building overlooking the Canyon Park business campus has sold for $37 million to a national real estate investment firm.
BlackRock Realty Advisors bought the three-story Canyon Park Heights building at 21540 30th Ave. SE from PF Global Real Estate, according to Snohomish County records. PF Global is an investment fund sponsored by Prudential Insurance Co. and Prudential Investment Management.
The office building’s price tag was more than $16 million above the building’s most recent assessed value. Just three years ago, it sold for about $23.7 million.
Built in 2000 on a bluff overlooking the heart of Bothell’s Canyon Park Business Center, Canyon Park Heights has more than 144,000 square feet of space. Its tenants include Molina Healthcare, which leases more than 40 percent of the space.
With more than its share of biotechnology and high-tech companies, Canyon Park has weathered slow times over the past five years. Colliers International estimated that in the first quarter of this year, about 14 percent of Bothell’s office space was vacant.
But it’s still an attractive area for both investors and companies looking for space, said Ric Brandt, a vice president with CB Richard Ellis.
“With the leases being completed in Bellevue and Redmond, people are starting to look again at Bothell,” Brandt said.
Canyon Park Heights’ buyer, BlackRock, is one of the largest publicly-traded investment management firms in the U.S., with more than $452 billion in assets under its control.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
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