Seattle's FAA Building Sells for $35 Million

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Jones Lang LaSalle's Capital Markets team has just closed the $35,250,000 sale of the Class A office property known as the FAA Building in the Seattle submarket of Renton, Washington on behalf of Unico Properties and an institutional joint venture partner.

Federal Partners, a firm focused on acquiring U.S. Federal Government-leased office buildings around the continental United States, purchased the 199,168-square-foot property, which is 100 percent leased to the Federal Aviation Administration through July 2015.  Federal Partners has retained Unico to manage the property.

Leading the Jones Lang LaSalle team on this transaction were Managing Director Michel Seifer and Senior Vice President Rob Hielscher.  Senior Vice President Marcy Owens Test, who is part of Jones Lang LaSalle's Government Investor Services (GIS) team, also assisted in the transaction.

"The offering garnered broad investor interest given the quality of the asset as well as the rapidly improving Seattle economy," said Seifer. "Particular interest came from investors who were conversant with the nuances of GSA tenancy and were attracted to this particular deal by the opportunity to renew and retain the FAA occupancy on a long term basis."

"Our intent is first and foremost to provide best-in-class services to the Federal Aviation Administration in support of their critical work at this location," added Darryl Asack, Managing Director of Federal Partners. "In the years ahead, we also hope to make a compelling economic case to both the agency and the GSA that the necessary consolidation of personnel and operations for the FAA's Western Service Center is best achieved at this long-proven Renton location through redevelopment and expansion on-site."

Designed and developed for the FAA in 1990, the property has been continuously upgraded over the past 20 years to accommodate the ongoing requirements and long-term needs of the FAA.  The building has received an Energy Star rating of 91 and achieved the U.S. Green Building Council's LEED-EB Gold certification.  On-site amenities include a stand-alone childcare center, employee fitness center, full-service cafeteria and federal employee credit union.  Flexible floorplates can easily accommodate future multi-tenant occupancy, and the site offers development potential as well. 

The property is located near the intersection of Interstate 405 and State Route 167 (Valley Freeway), one mile east of the intersection of Interstates 5 and 405.

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