Business & Tech
Eleven Bellevue, Mercer Island and Seattle Buildings Placed in Receivership
Day-to-day operations of 11 Puget Sound office buildings will be handed over to Kirkland-based Talon Portfolio LLC on July 9 after the owner defaulted on loan repayments in April.
Eleven commercial office buildings in Bellevue, Seattle and Mercer Island -- including one near the Bellevue/Kirkland boundary along Northup Way -- will be under new day-to-day management after a receiver was appointed in King County Superior Court on Monday.
King County Superior Court Commissioner Nancy Bradburn-Johnson ordered on July 2 that Kirkland-based real estate investment firm Talon Portfolio LLC will act as custodian of the properties, effective July 9. The current owner, a Goldman Sachs-affiliated partnership called Whitehall Street Global Real Estate, defaulted on its commercial loan obligations to creditors Credit Suisse-First Boston on April 9.
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The Puget Sound Business Journal reports that Whitehall owned a total of 11 office buildings totaling 2.6 million square feet of prime office space and the commissioner's order could result in renegotiated market-rate rents, tenant improvement and property upgrades.
One is the 10700 Building at 10700 Northup Way just outside the Kirkland city limits.
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