Published June 2003

Investment group buys Agilent campus, will look for new tenant

By Eric Fetters
Herald Business Writer

An investment group affiliated with a Bellevue homebuilder has purchased the 133-acre Agilent Technologies property west of Lake Stevens.

Crescent Capital X LLC, which is connected to Polygon Northwest Co., paid Agilent more than $5.6 million for the large office building and largely undeveloped acreage surrounding it, according to Snohomish County records. The sale closed in late April.

That price for the property along Soper Hill Road is significantly below the assessed value of more than $16.7 million.

Agilent announced in August that it planned to leave the site, which the company moved to in the mid-1980s. The 270,000-square-foot building on the property is far larger than what is needed for Agilent’s current work force of less than 200 people.

Gary Young, senior vice president with Polygon, said his firm has plans for residential development, but it also wants to keep the office building.

“Our intention is to preserve the main Agilent building and find a new tenant who will bring jobs there,” Young said, adding that he has received some interest from potential tenants.

For the time being, Agilent is still occupying part of the building, said Liz Cox, a company spokeswoman. It will take until at least August to move Agilent’s test and measurement instruments division to its new home in Everett’s Seaway Center business park.

During that time, Polygon will work on its plans for the property. Young said it will be some time before a specific development proposal is unveiled. He said the company doesn’t intend to add more office space at the property.

Back to the top/June 2003 Main Menu