Northview Center sold to Hudson Pacific Properties

MyNNNNorthview Center in Lynnwood (20700 44th Ave. W.) has been sold for $48.5 million to Hudson Pacific Properties, Inc.

The property is almost fully leased to tenants such as Automatic Data Processing Inc. and the Federal Emergency Management Agency, Hudson Pacific said. Spear Street paid $39.4 million for the 10-acre office park in 2006.

Northview Center was part of a four-building, 836,419 square-foot office portfolio in the Seattle area. The Lynnwood property contains 173,776 square feet and is 89 percent leased The property has an in-place average remaining lease term of 4.7 years with no significant rollover until 2016.

“We are very pleased to announce Hudson Pacific Properties’ entry into the Pacific Northwest with these compelling assets,” said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. “Seattle has long been a target market for us. We believe the region’s underlying economic fundamentals are among the best in the nation and rival those of San Francisco and West Los Angeles, two of our other core markets. The purchase of this sizable portfolio also provides us immediate critical mass in the region, with a beachhead in some of the most vibrant submarkets in Downtown Seattle.”


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