Griffin Capital Net Lease REIT Buys 155,000-SF Facility

By Natalie Dolce

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The 155,830-square-foot office
and data center facility is fully
occupied by AT&T Wireless Services Inc.

(Mark Your Calendars: RealShare REAL ESTATE 2012, March 22^nd in Los Angeles).

REDMOND, WA-GlobeSt.com has exclusively learned that Griffin Capital Corp., on behalf of Griffin Capital Net Lease REIT Inc., has purchased a three-building, 155,830-square-foot office and data center facility fully occupied by AT&T Wireless Services Inc. The property serves as AT&T Wireless’ National Network Operations Center, its ‘next-generation’ research and development facility, and is subject to a long term triple-net lease. 

Although Griffin and AT&T could not disclose further terms, an unidentified source tells GlobeSt.com that the purchase price was $40 million. AT&T Wireless has continuously occupied the property since it was built in 1995 and over the past three years is estimated to have invested over $50 million of its own capital to upgrade the facility with plans to invest additional capital in the near future. 

The National Network Operations Center is located in Redmond, WA, approximately four miles northwest of AT&T Wireless’ corporate headquarters in the Redmond Town Center development and within two miles of both Interstate 405 and State Route 520 allowing for excellent access throughout the region. Redmond, best known as the global headquarters location for Microsoft Corp., along with neighboring Bellevue, has become a corporate headquarters destination center for many high-tech and internet companies.   

“The acquisition of the AT&T Wireless National Network Operations Center represents the REIT’s first major acquisition in the Pacific Northwest,” explains Michael Escalante, Griffin Capital’s chief investment officer. “The Puget Sound region, buoyed by such corporate stalwarts as Boeing, Costco and Microsoft, has shown tremendous resilience since 2008 and remains one of the fastest growing MSA’s in the country, fueled by the success of a number of technology-oriented companies including Amazon and Expedia.”

Escalante went on to describe the facility as being located in the heart of “a dynamic market that can best be described as the Silicon Valley of the Pacific Northwest.”

Categories: West, Office, Acquisitions/Dispositions, Seattle