The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
July 9, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Preylock Holdings Venture Closes $117 Mil Seattle Office Buy


A Preylock Real Estate Holdings-led entity has acquired 90 North, a four-building, 256.7k sf office campus located in Bellevue, WA, for $117 mil ($456/sf). The property is fully occupied by two tenants, T-Mobile and Mindtree. It was sold by a joint venture between affiliates of Chicago-based Walton Street Capital L.L.C. and Seattle-based Talon Private Capital LLC.

Built in phases in 1983, 1986 and 1991, 90 North is situated on approximately 20 acres at 3255, 3265, 3156 and 3067 160th Ave. SE. The campus features an on-site food court, café, fitness center, conference facility, courtyard with outdoor seating and recreational activities, and ample surface parking.

90 North is ideally located in Eastgate, the heart of the I-90 suburban corridor which provides prime freeway access, proximity to the best executive housing in the region, a strong roster of corporate tenants, and a low vacancy rate. The property benefits from a strategic location with ingress/egress to Interstates 405 and 90 and access via shuttle service to the Eastgate Park & Ride. Additionally, the property is 10 miles to Seattle CBD and 4.5 miles to Bellevue CBD.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White, Tim O’Keefe and Mike Schreck, Senior Managing Director Michael Moll, Director James Childress and Associate Director Rachel Jones represented the seller in the deal. In November 2017, the NKF team, led by Kevin Shannon, sold the property on behalf of the seller, Boeing, to affiliates of Walton Street Capital, L.L.C. and Talon Private Capital, who acquired the property for $35.75 mil as a value-add repositioning opportunity.

“This stabilized campus was sold off-market, which is unusual,” said Shannon. “NKF worked with the seller to determine an estimated value range which was met with Preylock’s preemptive offer. This is yet another example of foreign capital being attracted to Seattle’s real estate market.”

O’Keefe noted, “Every sector of the Eastside market has changed dramatically in the last 24 months. We expect to see considerable foreign and domestic capital continue to pursue every opportunity available.”

“The affiliates of Walton Street Capital, L.L.C. and Talon Private Capital did an excellent job executing on their planned capital improvement program on 90 North, and effectively repositioned the campus into a modern creative office environment,” said Moll. “The asset is stabilized with two large users on long-term leases, providing the buyer with a prime office campus in one of the nation’s top office markets.”

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media