Project Summary Trophy Office Towers
Location Bellevue, WA
Service Phase I Due Diligence
Outcome Acquisition Closed Successfully

This downtown mixed-use development is a one million square foot trophy asset improved with two Class A office towers fully occupied by the world’s largest software company and an additional 300,000 square feet of luxury retailers. This location occupies five acres surrounded by offices of other prominent internet technology companies, premier residences, and the Meydenbauer convention center. As part of the $585 million acquisition of this project, Targus was retained to perform an environmental site assessment (Phase I ESA and additional non-ASTM services).

Two principal environmental issues of interest included historical petroleum impact and the presence of petroleum motor fuel for backup on-site power stored in five underground storage tanks (USTs). The tank and generator systems were separately owned by the property owner and by tenants. Among other services, Targus completed a thorough compliance evaluation of these tank systems, including compiling comprehensive documentation of the system features and monitoring activities conducted since installation during construction in 2009.

Releases from one or more former on-site heating oil tank systems and other historical occupancies. Targus obtained and reviewed documentation of the removal and off-site disposal of soil and water containing carcinogenic poly-aromatic hydrocarbons and metals. Confirmation sampling documented that Model Toxics Control Act (MTCA) Method A cleanup levels were met for both soil and groundwater. This outcome was acknowledged by the Washington Department of Environment unrestricted No Further Action opinion.

Targus concluded that the assessment had revealed no recognized environmental conditions. This assessment outcome was determined to be sufficient to close on the acquisition and secure approval for inclusion in the client’s portfolio insurance policy. Periodic UST system monitoring and administrative submittals were recommended to maintain compliance with applicable regulations.

View of Towers from Street Level