Issaquah office building sells for almost $20 million
September 14, 2011
By Warren Kagarise
NEW — 12:45 p.m. Sept. 14, 2011
Hawaii-based A&B Properties, Inc. has acquired the Siemens Building along East Lake Sammamish Parkway Southeast for almost $20 million, the company announced Wednesday.
“This office building is well-located, approximately 16 miles east of downtown Seattle and in close proximity to the headquarters and offices of several prominent companies,” A&B Properties President Christopher J. Benjamin said in a statement.
The technology giant Siemens listed the 147,000-square-foot building for sale in 2008. A&B Properties purchased the building for $19.7 million. Siemens plans to lease space in the complex.
“The Seattle MSA is an attractive market featuring a diversified economy that continues to expand, adding high-quality technology and scientific jobs that are expected to sustain future demand for office space,” Benjamin continued. “Siemens, one of the world’s largest companies, will continue to fully lease the building, which it constructed and has occupied since 1994.”
The company is the fourth-largest private landowner in Hawaii. The company owns more than 87,000 acres, mostly on Kauai and Maui. A&B Properties’ holdings include development projects in Hawaii, as well as projects in mainland states.
A&B Properties is a subsidiary of Alexander & Baldwin, a real estate and transportation company based in Honolulu.
The sale is among the largest in Issaquah during the last year. SanMar purchased a glass-sheathed office building for $32 million as a headquarters for the Preston-based apparel company. The relocation from Preston to Issaquah should be completed by December.