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September 22, 2021
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American Assets Trust Spends $83 Mil on Office Campus in Washington State


American Assets Trust has acquired Corporate Campus East III, a four-building, 160.5k sf multi-tenant office campus located in Bellevue’s 520 Corridor, for $83.85 mil ($521/sf). The property was sold by a partnership between Ares Management LLC and SteelWave.

The campus, spanning nearly 12 acres, is located at 3001, 3005, 3009 and 3015 112th Avenue NE. The complex is 83% leased to a diverse tenant mix with an aggregate weighted average remaining lease term of more than six years.

The property recently completed multiple renovation initiatives, which included the repositioning of various interior common areas and exterior plazas as well as building system upgrades. Additional property features include premier signage, flexible floorplates, ample parking and convenient regional access.

The 520 Corridor connects Seattle to Redmond. The property effectively lays equidistant between the two, occupying a highly strategic Eastside location. The Eastside, the region’s most urban market outside of Seattle, offers transit-oriented options, live-work communities, walkable restaurants and shopping, bike paths, parks and campus-style settings.

Newmark Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, and Senior Managing Director Michael Moll, in cooperation with Vice Chairman Nick Kucha, Executive Managing Director Joe Lynch, Senior Managing Director Dan Harden and Director Rachel Jones represented the seller in the deal.

“The Bellevue office market continues to perform with tremendous resiliency through the pandemic, making it one of, if not the most, desirable office investment markets in the nation,” said Shannon. “Capital continues to be drawn to Bellevue and the surrounding Eastside submarkets due to the stellar array of diverse economic drivers propelling the region.”

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