Bentall Corp. Markets Five Properties Worth $560 Mil, Considers Privatization

BELLEVUE, WA-Bentall Corp. is selling two eastside office properties, three others in Southern California and trying to take itself public. The Vancouver, B.C.-based REIT with U.S. headquarters here in Bellevue says it is selling the 560,000-sf Millennium Corporate Park in Redmond and Sammamish Park Place, a 200,000-sf in Issaquah.

Gary Carpenter, executive VP and COO of Bentall U.S., declined to breakdown the values of the individual properties included on Bentall’s liquidation list. Bentall estimates the properties’ aggregate value at $560 million. Their aggregate square footage is 1.7 million. Carpenter tells GlobeSt the properties will be sold as a “portfolio sale,” which is being handled by Bentall’s investment banking firm, Lazard Freres in New York. The decision sell the properties was based on Bentall’s historical practice of selling properties “after they mature and have maxed out rents to current markets,” says Carpenter.

Millennium Corporate Park consists of six buildings. Three are leased to Microsoft, another by Safeco, and multiple tenants occupy the rest. Sammamish Park Place is a two-building development occupied by Microsoft. The office park bears the same name as a new project by Opus, which is under construction adjacent Bentall’s development. The properties for sale in Southern California include the 196,461-sf Bentall Executive Center in Santa Ana, the 284,369-sf One Pacific Plaza in Huntington Beach and the 487,404-sf 1888 Century Park East office tower in West Los Angeles.