Tochterman Acquires Office Property from RREEF

BELLEVUE, WA-Until recently, the real estate holdings of family-owned Tochterman Management Group consisted of a downtown superblock adjacent to the Meydenbauer Convention Center. The property, originally part of a 15-acre farm, had been in the family for over 100 years. As previously reported by GlobeSt, Tochterman sold the property to local developer Schnitzer Northwest, which is now planning a major, mixed-use development for the site. The sales price, just recently disclosed, was $25.3 million.

At the time the sale was announced, Tochterman principal Connie Grant told GlobeSt the superblock was sold as the company’s first step toward diversifying its real estate portfolio. Grant said Tochterman would begin acquiring commercial properties in the Bellevue area after the first of the year. The Bellevue-based firm is now said to be closing its first deal.

Real estate sources tell GlobeSt that Tochterman is on the verge of purchasing two office buildings at 11808 and 11820 Northup Way from industry giant RREEF Funds, a San Francisco-based REIT. Mountain Pacific, a two-building complex with an aggregate 88,000 sf of office space, is situated only blocks from the intersections of Interstate 405 and State Route 520.