Philips Healthcare Sells Snoqualmie Ridge Industrial Building for $13.9 Million to OSI Systems, Inc.
Published: Sep 17, 2012
A big industrial building in Snoqualmie Ridge Business Park sold Thursday for nearly $13.9 million, or nearly half of the $26.9 million that the seller paid for it in 2007.
OSI Systems Inc. bought the 13-year-old, 176,600-square-foot building from Philips Oral Health Care. OSI is the parent company of Spacelabs Healthcare, a medical device company.
The purchase price works out to nearly $79 per square foot.
“My understanding is it would cost about $185 plus (per square foot) to build this building (today),” said Eric Lonergan of Washington Partners, a commercial real estate brokerage.
Lonergan and a colleague, Brian Kelly, negotiated the deal for OSI. Brokers Pat McCabe and Chris Spofford represented Philips, which once made the Sonicare toothbrush in the building.
Spacelabs will do design, light assembly and distribution work in its new building, which will be the company’s headquarters.
Lonergan said Spacelabs is moving from Issaquah, where it leases 206,000 square feet of space. The Issaquah space will be put up for sublease.