December 16, 2019
Los Angeles-based Preylock Real Estate Holdings acquired 90 North, a four-building, 256,703-square-foot office campus in Bellevue, WA for $117 million. The seller was a partnership between Chicago-based Walton Street Capital, L.L.C. and Seattle-based Talon Private Capital, LLC.
Built in phases between 1983 and 1991, 90 North is situated on roughly 20 acres at 3255, 3265, 3156 and 3067 160th Ave. SE. Two tenants, T-Mobile and Mindtree, fully occupy the asset.
A JLL Capital Markets team of Logan Greer, Kevin Freels, Michael Leggett and Gerry Rohm represented the buyer. NKF’s Kevin Shannon, Nick Kucha, Ken White, Tim O’Keefe, Mike Schreck, Michael Moll, James Childress and Rachel Jones represented the seller in the off-market transaction.
Shannon says, “This stabilized campus was sold off-market, which is unusual. NKF worked with the seller to determine an estimated value range which was met with Preylock’s preemptive offer.”
The NKF team had sold the property in 2017 on behalf Boeing to affiliates of Walton Street Capital and Talon Private Capital for $35.75 million as a value-add repositioning opportunity.
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Tags: Acquisition, Office
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