Update: Jeff Rakow, Talon Private Capital director of asset management, says Talon will honor lease agreements Microsoft and Costco had with previous owner Vulcan Real Estate.
“The existing tenants are not going anywhere. Though we don’t know their plans, we would love to keep them as long-term tenants,” Rakow says.
Rakow says that Sammamish Park Place will not be a similar project to Kirkland Parkplace, which soon will undergo a $1.2 million renovation.
“There is not a specific short-term plan for this project. This will be more long-term plans for the future,” Rakow says.
Original story: Vulcan Real Estate announced on Thursday the sale of Sammamish Park Place in Issaquah to Seattle-based Talon Private Capital for $128 million.
The 20-acre property holds 5- and 6-story buildings with 2,122 parking stalls. The office park is fully leased to Microsoft and Costco. In August 2014, Costco expanded its headquarters, leasing 176,000 square feet of office space at Sammamish Park Place.
Vulcan Real Estate is re-balancing its portfolio and working to raise capital for new investment opportunities, according to a statement by Ada Healey, a vice president at Vulcan.
Talon Private Capital also owns Kirkland Parkplace, which will begin renovation in the spring. Talon purchased the property in 2010 with the intention of completing a $1.8 million renovation. Plans were derailed because of the economic recession, and renovations have been scaled back to a $1.2 million project, with 650,000 square feet of office space, 300 residential rental units, and 225,000 square feet of retail space.