Gemini Rosemont Grabs Suburban Seattle Office Park

By Scott Baltic, Contributing Editor

One Twelfth at Twelfth West

Bellevue, Wash.—Gemini 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.

Gemini Rosemont disclosed neither the price nor the seller, but data gathered by Yardi Matrix indicates that Principal Global Investors of Des Moines was the previous owner. According to the data provider, Hines Interests, the park’s developer, sold the campus to Principal Global in June 2004 in a portfolio transaction for $134.1 million.

The acquisition “supports Gemini Rosemont’s desire to expand our footprint in the western U.S.,” CEO Michael Mahony said in a prepared statement. “The 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.”

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.

“One Twelfth @ Twelfth is the complete package from an investment standpoint,” Don Henry, Gemini Rosemont’s COO & CIO, said in the statement. “It 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….”

Major tenants include VoiceBox Technologies, BitTitan, Inc., CH2M Hill, Century Link and Nokia Solutions Network, a Gemini Rosemont spokesperson told Commercial Property Executive.

“We have identified a number of ‘smart capital’ 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,” added Jason Kuester, the company’s senior vice president of acquisitions.

An Eastdil Secured team of Managing Director Jason Flynn, Senior Vice President Kayln McClure and Vice President Reid Rader brokered the transaction.

KG Investment Properties will remain as the onsite property manager, and The Broderick Group will continue to handle leasing.

Last month, Gemini Rosemont closed on a purchase of SouthCourt, a 132,000-square-foot office building in Durham, N.C.

Image courtesy of Yardi Matrix