Franklin Street Inks Biggest Deal in Northwest Corridor

Franklin Street paid $38 million for the 10-story, 233,738-sf 380 Interlocken building, or about $163 per sf.

That deal is more than three times larger than the next biggest deal in the corridor, the $11.25 million purchase of DSW Shoe Warehouse earlier this year. No office deal comes even close to the Interlocken purchase.

The difference is that 380 Interlocken, in the Interlocken Business Park, is almost 100% occupied with credit-worthy tenants with large leases signed in the late 1990s, before the telecom bubble and the market collapse.

Stephen Clarke, head of locally based Prime West, developed the building. But the owner was State Farm, which took Clarke out of the deal about 1.5 years ago.

Mary Sullivan, who is part of the CB Richard Ellis team that sold the building, says about 10 different buyers aggressively went after the building because of its rent roll, which includes McData Corp. and the law firm of Cooley-Godwin.

It sold at an 11% cap rate, Sullivan says.

Sullivan's CB Richard Ellis team also included Tim Swan and Ron Urgitus.