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Blackstone Divests Redmond Campus to Microsoft for $250M
Microsoft acquired the nine-building Daytona Laguna Office Campus in Redmond, WA from Blackstone Group for $250 million. The transaction, which works out to roughly $345-per-square-foot, qualifies as one of the largest sales in the Puget Sound region this year.
Another reported large sale involves the office portion of Redmond Town Center. Shorenstein Properties’ SRI Ten RTC LLC recently divested the asset to Atlanta-based Invesco’s Redmond Town Center LP for more than $268 million.
The four-parcel 724,950-square-foot Daytona Laguna campus includes the four-story 211,731-square-foot Daytona Microsoft building, which is 100% leased to Microsoft. The transaction also includes the two-building 39,582-square-foot Daytona Bright Horizons property. The office campus also includes:
– the three-story 104,353-square-foot Laguna North Building that Microsoft leases
– the three-story, 100,403-square-foot Laguna South building, which is currently leased to HCL America
– the four-building 268,881-square-foot Honeywell property
Eastdil Secured handled property listing on behalf of Blackstone, which acquired the Daytona Laguna complex for $203 million from Houston-based Hines in 2016.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
