SKB will call the complex Sea-Tac Office Center. The project,which is 87% leased, consists of two 12-story structures, onetwo-story building above a 100,000-sf parking garage, and abundantsurface parking. The complex, situated near major hotels and avariety of restaurants, features views of the airport, MountRainier and the Olympic Mountains. It fronts Highway 99 at 18000International Blvd., directly across from the airport, and isoccupied by a roster of tenants including the Port of Seattle,Mitsui, Boeing, Northwest Airlines and Lynden Transport.

SKB is taking possession of its new asset at a time when demandfor office space is expected to continue to grow along with theairport. Construction is under way for both a third runway andlight rail service from Downtown Seattle.

Current office vacancy in the 876,000-sf Sea-Tac Airportsubmarket was under 10% as of the end of the third quarter,according to CB Richard Ellis. SKB president Todd Gooding pointsout that the firm's newly acquired complex "represents 65% of therentable office space in close proximity to the airport and fills aunique niche as the only class A asset in the area."