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12/09/20
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Innovatus Capital Partners LLC has acquired Overlake 520, an office campus comprised of two low-rise buildings encompassing more than 145.5k sf of space in Bellevue, WA. The property, located at 14335-14475 N.E. 24th St, was sold by Swift Real Estate Partners, out of San Francisco.
Overlake 520 is located next door to Microsoft’s headquarters within the booming city of Bellevue, which has experienced a surge in demand for office space to accommodate technology tenants as companies continue to flock to the area. Most recently, Amazon announced it would occupy additional space that would bring 25,000 employees to Bellevue within five years.
The campus is located next to SR 520 and near the Overlake Transit Center Rapid Ride, offering a public transit option to employees. The 520 Bike trail also runs alongside the property, as well as the future East
Link Rail Line, expected to open in 2023.
The property features ample parking, large floor plates, and tenant amenities including an outdoor lounge, onsite market and fitness center. The property is within walking distance of over a dozen dining options as well as close proximity to the Bellevue CBD.
LPC West, the West Coast arm of national real estate firm Lincoln Property Company, will provide property management services for the building. This will be the third building LPC West manages for Innovatus and the eleventh nationally.
The building is currently 100% leased to seven high-quality tenants primarily in the technology consulting industry with a weighted average lease term of over five years. Constructed in 1985, the previous owner completed a series of capital improvements to the property. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.
“Bellevue has emerged as a main hub of tech innovation and we are excited to provide first class service for tenants at Overlake 520,” said J.P. Harlow, Senior Vice President of LPC West. “The office campus is well-located and in excellent condition and we look forward to the continued expansion within the area.”
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