Bedford Property Investors Makes Significant Investment in the Seattle Market.LAFAYETTE, Calif.--(BUSINESS WIRE)--March 12, 1998--Bedford Property Investors, Inc. (NYSE NYSE See: New York Stock Exchange :BED) announced today the purchase of Phase One of Lake Union Center, a 297,228 sq. ft. office complex fronting the shores of Lake Union in downtown Seattle Downtown is the central business district of Seattle, Washington. It is fairly compact compared to other city centers on the West Coast because of its geographical situation: hemmed in on the north and east by hills, on the west by Elliott Bay, and on the south by reclaimed land . Presently under development by Quadrant Corporation, a subsidiary of Weyerhaeuser Real Estate Company, the property is slated for completion in July of this, and will be 100% leased upon completion. The project is anchored by Adobe Systems Adobe Systems Incorporated (pronounced a-DOE-bee IPA: /əˈdoʊbiː/) (NASDAQ: ADBE) (LSE: ABS) is an American computer software company headquartered in San Jose, California, USA. , which will occupy 86% of the complex. In conjunction with the purchase of the property , Bedford also received future rights to purchase one additional phase of the development. The property was purchased for $47,700,000 or $160 PSF. The Company believes that this purchase will favorably impact FFO FFO See: Funds from operations , but will not be realized in the Company's FFO calculations for the first and second quarters of 1998. Income will be used to offset the capital cost of the project until the projected occupancy by Adobe in the third quarter of 1998. The going-in yield from the investment is 9.6% "This is one of the most unique locations in Seattle, and is virtually irreplaceable," stated Peter B. Bedford, Chairman of the Board of Bedford Property Investors. "This is an extremely complicated project," added Wayne Ullman, Senior Vice President of Quadrant, "and the Bedford Team were true professionals in negotiating this deal." Bedford Property Investors also announced that they have entered into a definitive agreement to purchase a 13 acre parcel in the Highlands Campus section of Canyon Park Business Center in Bothell, Washington. Bedford plans to construct a two phased, 3 building, 196,000 sq. ft. office and high tech flex development on the site with construction slated to commence in early May. The total project cost is estimated at approximately $22MM. Bedford Property Investors is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) with investments in suburban office buildings and industrial properties concentrated in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . It is traded on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Pacific Exchanges under the symbol "BED" and its web site is www.bedfordproperty.com. CONTACT: Bedford Property Investors Peter B. Bedford or Robert Pester, 510/283-8910 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion