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11/07/17
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A joint venture between Walton Street Capital and Talon Private Capital paid $35.75 mil for I-90 Bellevue Campus in Bellevue, WA. The transaction includes two adjacent office campuses each containing two buildings and totaling 253.9k sf of space.
The property, which is currently vacant, sold for approximately $141/sf – a discount to where stabilized office buildings have recently traded within the I-90 corridor submarket of Bellevue. I-90 Bellevue Campus was built in phases in 1983, 1986 and 1991.
The campus is located at 3255, 3265, 3156, 3076 160th Ave SE. It is situated on approximately 20 acres and is near the intersection of the 405 and 90 interstates in Eastside Seattle. It is near an abundance of major corporate tenants including Costco, Microsoft, Nintendo of American, among others.
Kevin Shannon, Tim O’Keefe, Ken White and Michael Moll of NKF Capital Markets represented the seller, Boeing, who has owned and occupied these assets since originally constructed. The buyer was self-represented.
“This property presents an ideal opportunity for the buyer to capitalize on the project’s untapped potential and location by implementing a significant capital renovation in order to appeal to the tenant demand we are seeing in the market,” said O’Keefe. “Additionally, there is the potential to add additional square footage to the site which can create tremendous value and cash flow once the campus is stabilized.”
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