Published May 2004

Quadrant I-5 Center building to have new owner

SCBJ Staff

A locally based wholesale mortgage company is buying one of two empty office buildings at the Quadrant I-5 Center in south Snohomish County.

Mortgage Investment Lending Associates Inc. of Mountlake Terrace is the new owner of the six-story building at 20700 44th Ave. W. in Lynnwood.

The company plans to begin moving employees in later this year after making up to $5 million in improvements to the office space, said Tina Gonsalves, MILA’s marketing director. While the building sat empty last year, renovation work was done to the ventilation systems, lobby and some of the office areas.

Previously, the 176,000-square-foot building was owned by Life Investors Insurance Co. of America. The Iowa-based company received the building and a vacant two-story building next door for $17.5 million in a bankruptcy auction in March 2003. A third building in the office complex, leased by Washington Mutual in 2002, is under different ownership.

MILA didn’t disclose the purchase price of the building, which is located just east of I-5 and is visible from the freeway. According to the Snohomish County Assessor’s Office, it has an assessed value of $17.8 million.

Ric Brandt of CB Richard Ellis, who has been trying to find tenants for the two buildings, confirmed MILA’s purchase but didn’t want to comment further until the deal had closed.

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