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December 6, 2021
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Bellevue, WA Office Asset Fetches $400/sf

11/12/21

Bellevue Terrace, a 72.2k sf, Class A office building in Bellevue, WA, traded hands for $29.4 mil, or $406/sf. The property, located at 3633 136th Place SE, was sold by Swift Real Estate Partners.

Bellevue Terrace is a three-story office building with a lower-level parking garage. The building is situated on approximately 3.7 acres of land. Originally built in 1982, the asset underwent an extensive renovation starting in 2017 with the seller investing approximately $3.2 mil in tenant improvements, cosmetic renovations and base building upgrades.

With its location near the intersection of Interstate 405 and Interstate 90, Bellevue Terrace offers accessible freeway access and excellent visibility. The property also offers convenient access to mass transit via the Eastgate Park and Ride located just five minutes away. It is situated near restaurants, hotels, residential homes and shopping venues including Factoria Mall and Eastgate Shopping Center.

Newmark 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 Directors Jeffrey Hodson and Rachel Jones, in partnership with the local leasing team of Executive Managing Director Joe Lynch and Senior Managing Director Dan Harden, represented the seller in the deal.

According to Newmark Research, the Puget Sound office market regained solid footing during the third quarter of 2021, recovering to pre-pandemic levels. Increased leasing activity and declining sublease availability resulted in positive net absorption of over 1 msf, a level not seen since third-quarter 2019. The rising demand for office space was fueled by employees returning to the office and the addition of new jobs.




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