Griffin Capital, on behalf of Griffin Capital Net Lease Reit, has acquired an approximately 70,100 square-foot, Class A office building located in Renton, Washington for USD12m (USD171 per square foot).
The property is 100 per cent leased to The Boeing Company and used as Boeing Capital Corporation's global headquarters.
The Boeing Company is one of the world's leading aerospace and defence companies, one of 30 corporations comprising the Dow Jones Industrial Average and ranked 39th among the Fortune 500 list of America's largest corporations in 2012. Boeing Capital is a wholly-owned subsidiary of The Boeing Company that facilitates financing of the company's products for its many airline clients.
The property is adjacent to many key Boeing facilities including the Longacres Campus, Boeing Airfield and its 737 Assembly Plant. Boeing Capital has been headquartered at the Property since 1997 when the subsidiary was acquired through a merger with McDonnell Douglas.
"We are pleased to acquire another Seattle area asset at an attractive 7.80 per cent going-in capitalisation rate and price per square foot that is well-below replacement cost," says Louis Sohn, Griffin Capital's senior vice president of acquisitions. "Given the tenant's 15-year history at the location, coupled with the proximity to many key Boeing facilities, we believe Boeing Capital Corporation will continue to find the Property attractive as its global headquarters for the foreseeable future."