Transactions - DECEMBER 27, 2016

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Greenbridge acquires office property from LBA Realty

by Larry Gray

Greenbridge Investment Partners, a Beverly Hills, Calif.–based full-service commercial real estate firm, has acquired the Times Square office campus in Renton, Wash., from LBA Realty, for $54.4 million.

Greenbridge typically focuses on properties that offer turnaround or value-add opportunities. In 2014, the firm purchased the 432,000-square-foot Seattle Design Center from Hines for $25 million and subsequently condensed and updated the design center and renovated the property to include creative office space.

The Times Square property includes five two-story buildings, ranging in size from 56,475 square feet to 93,152 square feet and totaling 324,287 square feet. The class A property, located at 500–800 SW 39th St., was built in 1986, and LBA acquired it in 1997 for approximately $32 million.

Greenbridge focuses on office and retail properties, primarily in Southern California but it is also seeking to acquire additional properties in the

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