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4/12/17
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Pacific Cataract and Laser Institute (PCLI) has purchased the Sweeney Conrad Building, a 33.2k sf, Class A office building in Bellevue, WA, for $13.5 mil ($407/sf). Sweeney Conrad, a locally-owned, certified public accounting firm, will remain as a tenant in the building.
The building is located at 2606 116th Avenue NE, in close proximity to I-405 and State Route 520. It is just north of the 36-acre Spring District that is currently under development. The Spring District is a mixed-use project featuring office, retail, and residential uses. It will bring numerous amenities and vibrancy to the area surrounding the Sweeney Conrad Building.
PCLI has been located in downtown Bellevue for over 25 years. They will now move into the two-story Sweeney Conrad Building and occupy the entire first floor.
The property was sold by a company related to The Keeler Family, a private local investment entity that had previously acquired the building from Sweeney Conrad. They were repped by Andy Miller, Joe Lynch, Bob Conrad and Dan Harden of Kidder Mathews.
Jeff Chaney, also with Kidder Mathews, represented PCLI in the transaction. According to Chaney, buildings smaller than 50k sf in Bellevue may be worth more vacant than full given the fact that, due to fast rising rents and low interest rates, there are many tenants in the market looking to own their own real estate.
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