Blackriver Corporate Park Changes Hands
Laird Norton Properties recently purchased the 237K SF Blackriver Corporate Park in Renton. The office park is 11 single-story and two two-story buildings.
The campus is an eight-minute drive from Southcenter Mall. Capital improvements total $5M and include roof replacements, HVAC upgrades, parking lot improvements, electric vehicle charging stations and a conference center.
At the time of the sale, the campus was 95.9% occupied. Meteorcomm is the largest tenant.
JLL Managing Directors Lori Hill and Stuart Williams led the team on the sale, which was done on behalf of Embarcadero Capital Partners and funds managed by Oaktree Capital Management.
“Due to the various sized buildings and variety of spaces within the larger campus, there is tremendous flexibility to adapt to tenants’ demands for space,” Williams said in a statement. “The Southend office market is expected to see strong leasing activity in the coming years with quality buildings offering affordability in lease rates and abundant free parking; these factors will be attractive and important to companies faced with rapidly increasing office rents in downtown Seattle and Bellevue.”
