Issaquah office building sells for $32 million
July 19, 2011
The hillside office center behind The Home Depot sold July 6 for $32 million.
The former owner, Piedmont Office Realty Trust, sold the 156,323-square-foot building to The Lake Washington Land Co., a Washington-based business.
The building at 22833 Southeast Black Nugget Road — officially the Eastpointe Corporate Center — had long been nicknamed for Boeing Co., a tenant. The building site encompasses 5.79 acres.
Eastpointe Corporate Center opened in 2001 and Piedmont acquired the building in 2003. The property management company is based in Johns Creek, Ga.
“The sale of Eastpointe Corporate Center further demonstrates our focus on select markets,” Raymond L. Owens, executive vice president of capital markets for Piedmont, said in a statement. “Although our investment in the Seattle market has proven to be positive, the disposition of this property allows us the opportunity to thoughtfully recycle our capital into our top 10 office markets nationally.”