Newmark has announced the sale of Canyon Park Commons, a 206,770-square-foot Class A office campus in Bothell, WA. The three-building property is located within Canyon Park Business Center, one of the premier master-planned business parks within the Eastside Seattle market.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Director Ken White, Senior Managing Director Michael Moll, and Director Bill DeLacy represented the seller.
“Capital continues to be attracted to Bothell due to its yield and price per square foot, relative to other submarkets on the Eastside,” said Shannon.
Located at 2530, 2500 and 2300 223rd Street in Bothell, Canyon Park Commons is fully occupied and features a scenic park-like setting, outdoor spaces, large floorplates and ample parking. It is situated on 10.17 acres and consists on one two-story building and two three-story buildings.
In late January 2019, the same Newmark team completed the sale of Canyon Pointe, a single-tenant, 174,546-square-foot Class A office campus located at 22309 and 22213 30th Drive SE that is fully occupied by T-Mobile and is also within Canyon Park Business Center. The telecommunications giant has a long-term lease at Canyon Point, which is T-Mobile’s second largest office location - the largest being its U.S. headquarters in Bellevue, WA.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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