Cap rates will likely hold due to large mark-to-market increases from quarter to quarter, CEO Hamid Moghadam said.

"Real estate is a bit painful right now, but it corrects. That's how it takes care of itself."

Firms based in tight West Coast industrial markets are buying up properties in the state next door.

The class-A office property features three towers totaling 400,000 square feet of space in Renton, Washington.