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RENTON, WA-Flynn Properties has secured $19.5 million in financing to fund improvements at Landmark, the 275,000-sf office complex here that it acquired vacant last summer for $10 million. Previously known as the East Valley Office Center, the property consists of two four-story, 137,000-sf office buildings at 1600 Lind Ave. SW, adjacent to Interstate 405 at the SR 167, two of the busiest roads in the region. The interest rate on the non-recourse loan floats 380 basis points over LIBOR with no exit fee. Prudential Capital Group provided the financing, which was sourced by Buchanan Street Partners. In early May, Hasbro subsidiary Wizards of the Coast Inc. signed a long-term lease for 95,000 sf in the Landmark West Building. The game company will occupy all of the third and fourth floors and portions of the first and second floors. The triple-net asking rate for the space was $12 per sf per year, including an undisclosed tenant improvement allowance. “The recent timing of the first lease was advantageous, validating both the underwriting and ownership’s vision for this property,” says Buchanan Street Partners VP John Manning.Among other things, the financing will allow Flynn to pay for Wizards’ tenant improvements. In preparation for landing such a tenant, Flynn already had added to the West building conference rooms, a fitness center with separate aerobics room, an interior dining area and a fountain courtyard. In addition to the tenant improvements, Flynn plans to continue adding amenities, including an onsite childcare facility.The complex was previously fully leased to Boeing Corp. It has been vacant since the aerospace firm relocated its headquarters to Chicago a few years back. The property offers floor plans capable of supporting a regional headquarters operation, back office uses or a mix of smaller tenants in a multi-tenant format.San Francisco-based Flynn Properties owns and manages 1.4 million sf of office space on the West Coast. Company president Greg Flynn also is the largest franchisee of the Applebee restaurant chain in the nation. His holdings include 14 restaurants in Washington State.

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