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September 22, 2021
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Washington State Office Campus Trades Hands in $125 Mil Deal

8/12/21

Eastgate Office Park, a 279.9k sf, multi-tenant office campus located in the 1-90 Corridor submarket of Bellevue, WA, was acquired by San Diego-based American Assets Trust for $125 mil ($446/sf). The asset was sold by Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson.

Eastgate Office Park is a four-building office campus located at 15325, 15355, 15375 and 15395 SE 30th Place. The property, which was completed in 1985, was 99% leased at the time of sale to a diverse mix of tech and professional services tenants.

Eastgate Office Park features a campus setting in a natural landscape. Amenities include a large conference room and boardroom, various gym and fitness amenities, a full-service café, an outdoor patio with tables and a seating area, and a walking path to nearby retail, restaurants, parks and hotels.

Situated north of Interstate 90, Eastgate Office Park provides quick access to downtown Bellevue and downtown Seattle. The property is located a short distance from the future Link Light Rail Eastgate stop.

Tom Pehl, Charles Safley, Lou Senini, Paige Morgan, Todd Tydlaska, Chais Lowell, Brad Zampa and Michael Walker with CBRE represented the seller in the transaction.

“Eastgate Office Park offers a premier location, best-in-class on-site amenities and a diverse tenant roster with thriving tech and professional services companies,” said CBRE’s Pehl. “The buyer will benefit from strong in-place cash flow with proven recent leasing activity supporting additional upside opportunity.”





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