Marcus & Millichap Arranges Sale of Washington State Government-Leased Property in Moses Lake
Why this matters
The sale of a government-leased office asset in Moses Lake underscores ongoing institutional interest in public-sector-backed real estate amid broader uncertainty in the US office market. Government leases are prized for their perceived credit stability and long-term income visibility, attributes that have become increasingly sought after as private-sector office demand softens and leasing fundamentals remain uneven. The involvement of a national brokerage in facilitating this transaction signals that capital is still actively deployed into secondary markets and smaller-scale office properties, provided tenant risk is mitigated by government occupancy. This deal also reflects a nuanced recalibration of risk appetite among institutional investors and lenders. While gateway office markets continue to grapple with elevated vacancy and rent concessions, properties with government tenants in non-core locations may offer a defensive yield profile, appealing to capital sources prioritizing income resilience over growth. The transaction suggests that lending conditions for office assets with creditworthy tenants remain accessible, even as broader office financing tightens. Overall, the sale highlights how government-leased office properties are carving out a niche as a relative safe haven within a challenging sector, influencing capital flows and portfolio positioning in US commercial real estate.
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On the RET wire
- The 13th Washington story tracked on the wire in July 2026. All Washington coverage →
- Disclosed office deal value tracked in July 2026: $22.3B across 73 reported transactions. All Office coverage →
- 146 stories mentioning Marcus & Millichap on the wire in the past 90 days. Marcus & Millichap coverage →
Computed from Real Estate Trail’s own tracked coverage
Marcus & Millichap completed the sale of a 24,240-square-foot office property leased to the Washington State Department of Social and Health Services in Moses Lake. The property sold for $7.2 million. Built in 2015 as…
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