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January 27, 2020
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Swift Real Estate Partners Spends $59 Mil on 186k sf of Office Assets in Washington


Swift Real Estate Partners has closed on a very newsworthy office buy in Washington, paying $59.3 mil for Bellevue 520 Corridor Office Portfolio – two recently renovated and institutionally managed multi-tenant office assets known as located in Bellevue. Totaling 185.9k sf of space, the portfolio was 93% leased at the time of sale.

Bell-Kirk 520 consists of two, two-story buildings situated on 7.19 acres at 11120 and 11130 NE 33rd Place totaling 94.2k sf of space. Built in 1988, the property underwent a renovation that completed in 2018. The asset features both indoor and outdoor work spaces, and an Avanti Market.

Centra Office Park consists of two, three-story office buildings located on 4.67 acres at 11808 and 11820 Northrup Way totaling 91.7k sf of space. Built in 1983 and renovated in 2016, the asset features an Avanti Market, outdoor plaza and seating areas, new monument signage and a renovated lobby.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Senior Managing Director Michael Moll, Executive Managing Director Rob Hannan, and Director Bill Delacy represented the seller, a joint venture between Schnitzer West and RMA. Swift Real Estate Partners was self-represented. NKF’s David Milestone and Brett Green represented the buyer in securing new acquisition financing.

“The incredible office leasing conditions in the overall Eastside market have fostered great liquidity in suburban product as capital continues to search for more attractive yields than the cap rates being paid for urban investment offerings,” said Shannon. “This investment thesis was certainly an underlying theme for our pool of bidders on the 520 Corridor Office Portfolio.”

The portfolio offers immediate access to State Route 520 and Interstate 405, which connects downtown Bellevue and other nearby Eastside markets and provides easy access to a large mix of amenities in the immediate Bellevue area and the neighboring Kirkland market.

“With approximately 44 percent of the portfolio expiring over the next three years and in-place rents more than 20 percent below market, Bel-Kirk and Centra offered a compelling value-add profile with attractive stabilized cash yields,” added Moll.

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