July 31, 2019
Corporate Campus East III, a four-building, 154,765-square-foot office campus in Bellevue, WA, has traded hands for $55.25 million. The buyer was a JV between SteelWave and Ares Management, while the seller was TA Realty.
Situated on 11.74 acres along the 520 Corridor at 3001, 3005, 3009 and 3015 112th Avenue NE, the campus was built in the mid-1980s and underwent a major renovation in 2015. The property is 90% occupied by a diverse mix of tenants, and offers a cafeteria, plaza, canopies and outdoor benches and seating areas, and ample parking.
NKF’s Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy represented the seller. The buyer was self-represented.
Shannon says, “The 520 Corridor is currently experiencing an incredible fundamental improvement, with a 2.5 percent office vacancy rate and minimal new product in the pipeline. The rents continue to rise due to increasing tenant demand, with no signs of a slowdown.”
For comments, questions or concerns, please contact Dennis Kaiser