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LAKE STEVENS, WA-Agilent Technologies has sold its 133-acre property just west of the City of Lake Stevens at a steep discount to its assessed value.

An investment group affiliated with Bellevue, WA-based Polygon Northwest late last month paid $5.24 million for the property, which the county values at nearly $17 million.

The rural property includes an empty, 247,500-sf office building, a small warehouse and related parking, all developed in 1984. Snohomish County values the improvements at $12.48 million and the land at $4.28 million.

The buyer, officially Crescent Capital X LLC, apparently plans to lease up the office building and plans to develop home sites on the excess acreage, which includes an unknown amount of wetlands. The county planning commission is currently considering a county-initiated zone change for the property.

Gary Young, senior vice president with Polygon, tells GlobeSt.com the company is “working with people” about what to do with the office building and still in the process of figuring out how much land will be available for development. Dirt won’t be moving for “a couple of years,” he said, declining to provide any further detail.

The property is on the northwest corner of the intersection of State Route 9 and Soper Hill Road, which is less than two miles from the western limits of the City of Lake Stevens and a mile northwest of the lake itself. The property was built by Agilent’s former parent company Hewlett Packard and transferred to Agilent in 1999.

Agilent has been in the building since the mid-1980s, and still occupies part of the building with its test and measurement instruments division, which is being relocated this summer to Seaway Center in the City of Everett. In February, Agilent leased 55,000-sf at Sabey Corp.’s Everett Technical Park I.

Agilent also is looking to sell its 157-acre property in the City of Liberty Lake, near Spokane, WA. The parcel includes a 238,000-sf building on about 74 acres and 83 acres of undeveloped land.

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