WA Office Portfolio Slated for Auction with $25M Minimum Bid

Northmarq, in connection with Federal National Finance Corporation, announced that a 465,029 square-foot office portfolio located at 2400-2410 Stevens Drive on the Hanford Nuclear Reservation in Richland, Washington, is scheduled to be auctioned on the Ten-X platform later this month.

Northmarq’s Brian Corriston and Federal National Finance’s Jay Belk are marketing the property, with representatives from Ten-X managing the auction. With a minimum bid of $25 million, it represents one of the largest online commercial real estate auctions in 2024.

Anchored by the US Department of Energy, the property represents six different office buildings and five additional land parcels. The Hanford site is a 580-square-mile area established in 1943 as part of the Manhattan Project to produce plutonium for national defense.

It is at 95% occupancy with tenants along with the DOE, including Bechtel National and Washington River Protection Solutions. “This is a well-managed, stabilized property occupied mostly by investment-grade tenants. It has a great history, and bright future thanks to the tenants’ collaboration with the Hanford Nuclear Reservation and a federally guaranteed cleanup,” said Corriston.

“The buyer of this offering can look forward to a seamless transfer with the same management company and be as active or passive as they desire,” added Belk. “Additionally, CMBS, LifeCo and Credit Union debt options are available with favorable terms.”