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PCCP, Steelwave JV Claims 17-Building Campus Near Seattle

PCCP, LLC formed a joint venture with SteelWave to acquire Canyon Park Business Center, a 17-building property totaling 632,591-square feet in Bothell, WA. The seller was a venture of SteelWave and Colony NorthStar.

The property on Seattle’s Eastside is 99% occupied, and consists of 13 Class A flex/office buildings totaling 450,961 square feet, and a collection of four net leased, Class A, life science lab and data center buildings totaling 181,630 square feet.

PCCP’s Brendan Shanahan says, “PCCP was attracted to this asset due to its mix of long-term credit tenancy, including Microsoft and Seattle Genetics, and its smaller multi-tenant buildings that provide spaces with a depth of tenant demand in the market.”

Built between 1985 and 1997, the property is located on 220th St. SE; 17th Ave. SE; 20th Ave. SE; and 29th Dr. SE.

NKF’s Kevin Shannon, Nick Kucha, Ken White, Michael Moll, James Childress and Bill DeLacy represented the sellers. The buyer was self-represented.

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