Siemens property is up for sale

September 15, 2009

By Warren Kagarise

The sprawling Siemens complex, nestled between East Lake Sammamish Parkway and Lake Sammamish State Park, is for sale.

A Siemens representative said the German technology giant has no plans to leave Issaquah, where work centers on medical equipment and automation controls for buildings.

CB Richard Ellis Inc., a real estate company retained by Siemens, has listed the property at $21.6 million. CB Richard Ellis has Bellevue and Seattle offices.

The Siemens site encompasses 22.9 acres, a 135,024-square-foot, two-story structure and 530 parking stalls. The building was constructed in 1994.

Thomas Pehl, a senior vice president at CB Richard Ellis, referred further inquiries about the project to Siemens.

Siemens executive Jim Valade, at the company’s Boca Raton, Fla., campus, said the company is “trying to jettison assets as part of our real estate strategy.”

“We’re not looking to leave Issaquah,” he added.

A brochure from CB Richard Ellis touts the property as “a highly flexible office building located in the desirable Eastside sub-market of Issaquah. The property’s location provides immediate access to [Interstate] 90 and is surrounded by desirable demographic and labor profiles.”

Despite the tough real estate market, Valade said the building had generated interest from potential buyers and investors since the property was listed for sale about a year ago.

“We’re encouraged,” Valade said.

If the building sold, Siemens would consider leasing back a portion or the entire facility. The real estate brochure also mentions the provision.

Valade said about 250 people work at the Issaquah campus. He said about 20,000 square feet of the building are unused. The building is part of a corporate park that includes Microsoft and Spacelabs offices.

As in other transactions, the city will receive real estate excise tax if the Siemens property sells. If the building sold for the $21.6 million list price, the city would receive about $108,000. The money could only be used for capital expenditures, city spokeswoman Autumn Monahan wrote in an e-mail.

Warren Kagarise: 392-6434, ext. 234, or wkagarise@isspress.com. Comment at www.issaquahpress.com.

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