Equus Capital Partners Ltd has spent a hefty $33.55 million for the 3-buildings Highland Campus Tech Center. The real estate investment firm purchased the Bothell property from Investcorp.
Investcorp had acquired the property in 2014 as part of a $250 million group purchase. Highlands Campus Tech Centre is prime property housing among others, the Seattle Genetics, Inc. (NASDAQ:SGEN), biggest life sciences company in Bothell and the broader Washington DC.
Another significant real estate transaction that went down in Bothell was the Canyon Park Business Center that was sold for a whopping $145.5 million. The Seattle Genetics also leases the premises.
About the Highland Campus Tech Center
Highlands Campus Tech Centre is developed on a Fourteen acres piece of land. The Business Park comprises of a two-story office building alongside flex research and development space covering a total of about 201,800 square feet. There exists a burgeoning demand for industrial space in the area given that there are no new flex spaces developed in the area. Highlands Campus Tech Center was constructed in 2000.
Bothell has seen mushrooming life science companies in the recent past. As of now, the area hosts over 30 life sciences companies. Based on statistics by Newmark Knight Frank (NKF), office vacancy in Bothell slammed from 15.6% in mid last year to 13.7% last fall.
Multiple renowned companies including Premera and Greenpoint Technologies are moving into Bothell as opposed to Seattle and Bellevue and as a result, exhausting office vacancies while hiking rent prices in return.
Robert Butchenhart, Equus Vice President the company said that they would revamp the building before giving out the remaining vacancy.
Another Acquisition- Lincoln Legacy One
Recently, Equus acquired the Lincoln Legacy One, a 207,834-square-foot Class A office building in Plano, Texas. The company plans to renovate the property, rebrand it before leasing it out. Equus plans to upgrade the building’s lobby, develop a fitness center, as well as to add a couple of tenant lounges to appeal to the North Dallas tenants.
Speaking about the acquisition, Kyle Turner, Director of investments at Equus said that “The property currently presents the opportunity for immediate value creation through asset enhancement and executing on the positive leasing momentum within the Legacy area.”