Single-tenant office building in Redmond trades hands
The Redmond office market remains strong, boasts Class A office vacancy rate of 2.6% according to JLL Capital Markets
SEATTLE – Jan. 6, 2021 – JLL Capital Markets announced today that it has closed the sale of 9805 Willows, an 80,980-square-foot, creative office asset in Redmond, Washington.
JLL worked on behalf of the seller, a joint venture between Graymark Capital and Blue Vista Capital Management, and procured the buyer, Invesco Real Estate.
Redmond, along with the Eastside in general, has remained resilient throughout the pandemic and boasts a Class A office vacancy rate of 2.6% as of the end of third quarter 2020.
“The Redmond market has performed exceptionally well throughout a tough year for most major markets,” said Greer. “The Eastside submarkets are outpacing the Seattle CBD for the first time in history—the Eastside has captured 76% of the region’s total leasing volume YTD, and our clients are taking note.”
9805 Willows was originally built in 1998 and currently undergoing an extensive renovation. The creative office asset features 14’ ceiling heights.
The JLL Capital Markets team was led by Senior Director Logan Greer, Senior Managing Directors Gerry Rohm and Michael Leggett and Associate Kaden Eichmeier.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Graymark Capital
Graymark Capital is an industry-leading commercial real estate firm, headquartered in San Francisco, California. Graymark invests in institutional quality office, R&D, Life Sciences and industrial properties in the Western U.S. that appeal to today’s modern tenants. Since 2012, Graymark has purchased 25 office, R&D, Life Sciences, and industrial properties comprising over 2.7 million square feet and over $1.1 billion of value.
About Blue Vista Capital Partners
Blue Vista is a Chicago-based leading real estate investment firm dedicated to developing long-term relationships, serving investor interests and delivering consistent performance through a rigorous academic and research-driven investment process. Blue Vista’s value-creating platform offers a national footprint in the U.S. and Canada, local operating expertise, and best-in-class investment strategies focused exclusively on student housing, middle market real estate and lending. Since the firm’s inception in 2002, Blue Vista has invested over $10.5 billion in total capitalized value through institutional real estate vehicles.
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in 25 countries, its distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate.