Metzler North America executive Jim Neal declined to comment. After placing the Plaza at Yarrow Bay on the market in January, HAL said it would not sell the complex unless it received an adequate offer. The company declined to disclose the price it was seeking. Brokers, however, said an environment of escalated rents would justify an unprecedented price. The property is the first of its type and size to be marketed in the region since tight supply and high demand pushed average rental rates for office space to a new peak last year.
Larger rents boost the value of a property by increasing the cash flow an owner can expect.
As a result, efforts to market the property were seen as a test of the regional market for investment properties. Some small Eastside properties have sold for more per square foot, but brokers said the Plaza at Yarrow Bay would be the first suburban property of its size in the region to trade at a price that high. HAL Real Estate Investments is an investment arm of HAL Holding N.V., the former owner of the Holland America cruise ship line. The Plaza at Yarrow Bay, near state Route 520, includes more than 270,000 square feet of office space. HireSeattle Fill an opening, find a job Insurance Center Covering the needs of small business owners Internet Directory Local businesses on the web Legal Center Hundreds of business legal tools Office Products Special deals on equipment, supplies.