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Microsoft-Leased Office Building in Redmond Sells for $225M
A new Microsoft-occupied office building just south of the company’s Redmond headquarters has been sold for $225 million to an institutional investor.
Preylock, a Los Angeles-based asset management group, bought the 245,000-square-foot office building in the 28-acre Esterra Park mixed-use development, reported the Puget Sound Business Journal. This is Preylock’s second investment this year in Redmond. The company also bought an Amazon-leased office in Redmond Town Center for $58 million.
Preylock is buying the seven-story building with a lease that runs for 11 more years. Microsoft signed a 15-year lease and moved in four years ago. Seattle-based Capstone Partners developed the $1.3 billion Esterra Park, which features 2,600 residential units, two hotels with 283 rooms combined, 25,000 square feet of retail space, 250,000 square feet of office space, and a 2.67-acre park. The master plan development began in 2009, and project partners include Inland Group, Imagine Housing, and the city of Redmond.
