SEATTLE-Scanlan Kemper Bard of Portland, OR has acquired a 532,000-sf class A office complex adjacent to the Seattle-Tacoma International Airport for $79.2 million and plans a value-added play designed to capitalize on growing demand for airport-area office space. SKB chief executive Robert Scanlan explains that the real estate merchant banking firm “will be making some targeted improvements to the property to maximize the return from its highly visible location and the submarket’s favorable market dynamics.” He adds, “The airport itself is growing and vacancy in the airport submarket is falling, thanks to strong net absorption.”

SKB will call the complex Sea-Tac Office Center. The project, which is 87% leased, consists of two 12-story structures, one two-story building above a 100,000-sf parking garage, and abundant surface parking. The complex, situated near major hotels and a variety of restaurants, features views of the airport, Mount Rainier and the Olympic Mountains. It fronts Highway 99 at 18000 International Blvd., directly across from the airport, and is occupied 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 demand for office space is expected to continue to grow along with the airport. Construction is under way for both a third runway and light rail service from Downtown Seattle.

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