Assignment
The Pacific Real Estate Partners, Inc. Investment Team was retained to sell a 100% leased Class A suburban office building in Redmond, WA.
Objective
The asset had a stellar tenant roster including Intel, Coca Cola and Ameriprise Financial. Microsoft headquarters is located adjacent to the asset. The Pacific Real Estate Partners, Inc. Investment Team was charged with achieving record pricing.
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Challenges
The asset has 15% - 20% below market in-place rents. At targeted pricing levels the year 1 – 3 cap rates were below 5%.
Results
The Pacific Real Estate Partners, Inc. Investment Team engineered a competitive bidding process that generated pricing above client’s expectations with a 3.85% going-in cap rate and a highly qualified final purchaser.
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