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RENTON, WA-The Puget Sound Educational Service District has purchased the 75,093-sf Blackriver 800 office building here from owner HAL Real Estate for $11.64 million. The ESD signed a 10-year lease for the entire building last March. The agreement included an option to acquire the property.

Blackriver 800 is located in Blackriver Corporate Park, which offers a jogging trail and several enhanced wetlands and natural swales. Puget Sound ESD superintendent Monte Bridges says the ESD decided to exercise its purchase option on the building because of its central location near Interstate 405, adding that the onsite conference center “has become a draw for state-wide and regional gatherings.”

Puget Sound Educational Service District serves King and Pierce counties and Bainbridge Island. In addition to housing its offices, Blackriver 800 serves as a regional professional development center for educators.

HAL acquired Blackriver 800 along with Renton Place (397,504 sf) and Valley Office Park (209,044 sf) in 2001 from Seattle-based Unico Properties for about $83.2 million. The four-building Valley Office Park became substantially unoccupied last year when Hasbro subsidiary Wizards of the Coast vacated three of the park’s four 52,000-sf buildings and moved across the street. The fourth building remains fully occupied by the Federal Aviation Administration. Two of the three 130,000-sf buildings that comprise Renton Place are occupied largely by Boeing on leases that run into 2010. The third building remains vacant.

“We’ve seen great potential in the Renton market for years,” HAL senior vice president Dana Behar says in a prepared statement. “With the development of the 68-acre urban village the Landing, the new waterfront neighborhood of Southport, the redevelopment of the Port Quendall property, our goal with all of our Renton properties has been to broaden their appeal to the increasingly wide range of businesses that are drawn to this market.”

CBRE brokers Ed Hogan and Geoff Pendergast represented HAL Real Estate in the sale of Blackriver to the ESD. “The south-end office market continues to diversify, no longer being a market defined by the Boeing Corp.,” he says.

In addition to its Renton portfolio, HAL’s current office property investments include the four-building, 273,000-sf Plaza at Yarrow Bay in Kirkland and Corporate Campus East, a three-building, 135,000-sf development in Bellevue.

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