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FEDERAL WAY, WA-The Heron Building in Federal Way has sold for $11.8 million, or $212 per sf, setting a new high for the Federal Way market.

The55,775-sf office building is fully leased and maintained by Weyerhaeuser for the next eight years. Steve Gerlicher, a private investor from Oregon, purchased the building from Lahka Properties.

The sale breaks a record set last month when Joseph Chan Corp., a local private family investment group, paid Lahka Properties $11.05 million for the Talon Court Building, which is identical and adjacent to the Heron Building and occupied by Weyerhaeuser, Trendwest and Coldwell Banker Baine.

Reynolds Haas and Lori Hill of Cushman & Wakefield of Washington represented the seller in both transactions. The name of the buyer’s broker was not immediately available Thursday evening, when the sale was announced.

“This asset was highly sought after by several qualified investment groups who saw the potential of this submarket and having Weyerhaeuser as a tenant for the long term,” says Haas.

The record-setting sales are appropriate considering that in 2001 Lahka paid a then-record $175 per sf to acquire the buildings from Quadrant Corp.

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