A&B Properties, Inc. has acquired the Siemens Building, a 147,000 square-foot, two-story office building located in Issaquah, Washington, for $19.7 million.
A&B Properties is the real estate subsidiary of Alexander & Baldwin, Inc.(NYSE:ALEX)
“This office building is well-located, approximately 16 miles east of downtown Seattle and in close proximity to the headquarters and offices of several prominent companies,” said Christopher Benjamin, president of A&B Properties.
“The Seattle MSA is an attractive market featuring a diversified economy that continues to expand, adding high-quality technology and scientific jobs that are expected to sustain future demand for office space.”
Siemens will continue to fully lease the building, which it constructed and has occupied since 1994.
Benjamin continued, “The purchase of the Siemens Building is another example of our strategic reinvestment of Section 1031 tax-deferred proceeds from recent real estate sales into new assets with favorable appreciation prospects.”