March 14, 2018 Comments (0) Views: 401 Idaho, National News, West

City Office REIT Divests Boise Complex for $87M

City Office REIT, Inc. completed the sale of its Washington Group Plaza property in Boise, ID for a gross sale price of $86.5 million. Proceeds will be used to repay roughly $32.1 million of mortgage debt and for general working capital purposes. The buyer was reportedly St. Luke’s, Idaho’s only nonprofit healthcare system.

Located in the heart of downtown, the four-building office complex includes 557,510 square feet. The asset is situated on 24 acres of land at 400 Broadway Ave., 701 Morrison Dr., 720 Park Blvd. and 800 Park Blvd.

City Office REIT’s Greg Tylee says, “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014. Since that time, we have implemented substantial operational improvements and cost savings, increased the square footage of the buildings by 23,000 square feet through re-measurement, and most recently completed a 148,000-square-foot lease to St. Luke’s.”

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