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3/14/16
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Equus Capital Partners Ltd has purchased Quadrant Willows Building C and E, a two-building, 130k sf office portfolio in Redmond, WA, for $25.65 mil ($197/sf). The three-story, Class A buildings are located at 11121 and 11241 Willows Road NE, east of I-405.
Built in 1998 and 2000, the buildings underwent a significant renovation in 2007, including upgrades to the common area lobbies and restrooms, a new state-of-the-art electronic directory systems, HVAC system upgrades, new tenant signage, and furnishings. The buildings were 81% occupied at the time of sale. Equus purchased the buildings as a value-add opportunity with plans for additional capital upgrades and lease up.
Equus Capital Partners is a private equity fund real estate management company. Joe Lynch, Andy Miller, Bob Conrad, and Dan Harden of Kidder Mathews represented the seller, Steelwave, a commercial real estate management and operating company, in the transaction.
"With numerous software, technology, gaming, and aerospace tenants in close proximity, the Redmond market is in high demand for quality office space," said Lynch. "There is continued interest from institutional investors seeking value-add opportunities in Seattle's suburban areas," he added.
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