{"id":1004162074,"date":"2016-12-15T03:08:01","date_gmt":"2016-12-15T11:08:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004162074"},"modified":"2020-04-15T02:37:49","modified_gmt":"2020-04-15T10:37:49","slug":"gemini-rosemont-grabs-suburban-seattle-office-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-grabs-suburban-seattle-office-park\/","title":{"rendered":"Gemini Rosemont Grabs Suburban Seattle Office Park"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004162107\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004162107\" data-attachment-id=\"1004162107\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-grabs-suburban-seattle-office-park\/one-twelfth-at-twelfth-west\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Twelfth at Twelfth West\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg?w=640\" class=\"wp-image-1004162107 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg\" alt=\"One Twelfth at Twelfth West\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/One-Twelfth-at-Twelfth-West.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004162107\" class=\"wp-caption-text\">One Twelfth at Twelfth West<\/p><\/div>\n<p><strong>Bellevue, Wash.<\/strong>\u2014Gemini Rosemont LLC of Santa Fe, N.M., has purchased One Twelfth @ Twelfth, a three-building, 480,400-square-foot Class A office campus in the Seattle suburb of Bellevue, Wash., the buyer announced Tuesday. Gemini Rosemont bought the campus in partnership with Gemini Investments, an investment company listed on the Hong Kong Stock Exchange.<\/p>\n<p>Gemini Rosemont disclosed neither the price nor the seller, but data gathered by\u00a0<a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"nofollow\">Yardi Matrix<\/a> indicates that Principal Global Investors\u00a0of Des Moines was the previous owner. According to the data provider, Hines Interests, the park\u2019s developer, sold the campus to Principal Global in June 2004 in a portfolio transaction for $134.1 million.<\/p>\n<p>The acquisition \u201csupports Gemini Rosemont\u2019s desire to expand our footprint in the western U.S.,\u201d CEO Michael Mahony said in a prepared statement. \u201cThe Seattle-Bellevue MSA is a very desirable live\/work\/play community featuring a diverse industry base. The highly skilled and educated work force that chooses to live here supports a strong and growing office sector. We expect additional acquisitions in the Puget Sound region in the near future.\u201d<\/p>\n<p>The office campus is adjacent to the I-405 and reportedly features large floor plates, comprehensive onsite and nearby amenities, an above-market parking ratio, and superior transportation access. The three buildings are all LEED Gold certified.<\/p>\n<p>\u201cOne Twelfth @ Twelfth is the complete package from an investment standpoint,\u201d Don Henry, Gemini Rosemont\u2019s COO &amp; CIO, said in the statement. \u201cIt is a fully leased property located in a campus setting in a dynamic submarket that we have been targeting for our investors. The property generates a stable income return, but also has potential for capital appreciation due to its location\u2026.\u201d<\/p>\n<p>Major tenants include VoiceBox Technologies, BitTitan, Inc., CH2M Hill, Century Link and Nokia Solutions Network, a Gemini Rosemont spokesperson told <em>Commercial Property Executive<\/em>.<\/p>\n<p>&#8220;We have identified a number of \u2018smart capital\u2019 investments that we can make at One Twelfth @ Twelfth, including an upgrade of the building amenities and the use of the common courtyard as a focal point to enhance the tenant experience,\u201d added Jason Kuester, the company\u2019s senior vice president of acquisitions.<\/p>\n<p>An Eastdil Secured team of Managing Director Jason Flynn, Senior Vice President\u00a0Kayln McClure and Vice President Reid Rader brokered the transaction.<\/p>\n<p>KG Investment Properties will remain as the onsite property manager, and The Broderick Group will continue to handle leasing.<\/p>\n<p>Last month, Gemini Rosemont closed on a <a href=\"https:\/\/www.commercialsearch.com\/news\/gemini-rosemont-expands-portfolio-with-nc-office\/\" target=\"_blank\">purchase of SouthCourt<\/a>, a 132,000-square-foot office building in Durham, N.C.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The three-building, 480,400-square-foot campus last traded in 2004 for $134 million.<\/p>\n","protected":false},"author":882,"featured_media":1004162107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1610,15],"tags":[33101,33171,33170],"class_list":["post-1004162074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-seattle","category-west","tag-eastdil-secured","tag-gemini-investments","tag-gemini-rosemont"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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