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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

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition