|
|
5/22/15
|
PCCP LLC and Align Real Estate have purchased a six-story, 110.4k sf Class A office property within the central business district of Bellevue, WA. The price was not disclosed.
The property, located at 177 107th Avenue NE, between 106th and 107th Avenues, is 95 percent occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquisition consists of the bottom six floors of a 23-story tower; the top 17 stories are residential condominiums.
Built in 1995, the property is occupied by 24 Hour Fitness, Opus Bank, TIAA-CREF as well as other tenants. The property is situated within a rapidly transforming neighborhood that, over the past few years, has seen new hotel, mixed-use, residential, and retail developments occurring on each side of the property.
“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements, including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”
Bellevue, the business center of the Eastside of Seattle, continues to see the highest growth in rental rates in its submarket with premium buildings experiencing average rental rate growth of 12.7 percent in 2014. Rental rate growth projections through 2015 are expected to reach approximately 8 percent with continued growth over the next four years.
Eastdil Secured represented both the buyer and the seller, LaSalle Investment Management.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
