Flynn Properties acquired the former Boeing-occupied complex empty in February 2004 for $10 million with plans to invest at least another $10 million to renovate and re-lease the property. In addition to a full renovation of all common areas in Landmark West, Flynn Properties proceeded to add several new amenities to the building, including conference rooms, an interior dining area, a fitness center with a separate aerobics room and a fountain courtyard.

It took more than a year to land the first tenant, but in May 2005 Hasbro subsidiary Wizards of the Coast Inc. signed a long-term lease (10 years plus) for 95,000 sf in Landmark West. In June, Flynn closed on a $19.5-million loan on the property that floats 380 basis points over Libor with no exit fee. In part, the loan funds were used to pay for Wizards' tenant improvements.

Two other smaller leases totaling 11,000 sf have been signed for the West building since then--including a 4,000-sf child care center--and another large lease is imminent. One source close to the deal tells GlobeSt.com that a lease for as much as half of Landmark East is in final negotiation. If signed, it would take the complex to about 70% leased.

Michael George of Colliers International has had the leasing assignment for Flynn Properties. Stephen Van Dusen and Jason Flynn (no relation) of Secured Capital Corp. in San Francisco had the disposition assignment. Bill Pollard and Stuart Williams of Pacific Real Estate Partners in Bellevue assisted in the sale. Blackrock represented itself. None of the parties involved could be reached Tuesday for comment.

Until recently, Flynn Properties owned and managed 1.4 million sf of office space on the West Coast, but has sold much of its holdings in the past year. Company president Greg Flynn also is the largest franchisee of the Applebee's restaurant chain in the nation. His holdings include 14 restaurants in Washington State.

Instant Insights /

Flynn Properties Sells 275,000-SF Landmark Office Complex for $32M

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