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August 5, 2020
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WA Office Campus Lands New Owner


Corporate Campus East III, a four-building, 154.8k sf office campus in Bellevue, WA, was purchased for $55.25 mil ($357/sf) by a joint venture with Steelwave and Ares Management.

Situated on 11.74 acres 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.

Corporate Campus East III is just three minutes from the downtown Bellevue central business district (CBD), a submarket that has experienced unprecedented growth and record-setting rents. The asset is also well-located along the 520 Corridor, which connects Seattle to Redmond, home to Microsoft’s world headquarters.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Rob Hannan and Ken White, Senior Managing Director Michael Moll and Director Bill Delacy represented the seller, TA Realty. The buyer was self-represented.

“The 520 Corridor is currently experiencing an incredible fundamental improvement with a 2.5% 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,” said Shannon.

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