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April 18, 2021
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PACIFIC NORTHWEST NEWS
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PGIM Real Estate and Talon Private Capital Buy WA Microsoft Campus Leasehold Interest

3/18/21

A joint venture between PGIM Real Estate and Talon Private Capital has acquired the leasehold interest in Advanta Edge Campus, a 601k sf, state-of-the-art office campus located in the I-90 Corridor submarket in Bellevue, WA. The campus is fully leased to Microsoft Corporation through September 2023.

The property, containing three seven-story buildings located at 3005, 3007 and 3009 160th Ave SE, was sold by The Shidler Group, out of Honolulu, who acquired the land and the improvements from JPMorgan Chase about three years earlier. Although we don’t have a price, industry sources suggest this latest deal has a value of around $169 mil.

The property, designed by architect CollinsWoerman, was developed in 2008 by Schnitzer West, based out of the Pacific Northwest. Of the $174.5 mil in total capital improvements to the property, Microsoft has funded over $120 mil to enhance the building’s electrical and mechanical infrastructure, telecommunications backbone, interior finishes and build-out to a level well above typical Class A office standards.

The property is approximately five miles south of Microsoft’s international headquarters in Redmond. The site provides convenient regional transportation access via nearby Interstates 90 and 405. With large tech tenants like Facebook, Amazon, Google, and T-Mobile rapidly expanding and absorbing a large percentage of new construction, the Bellevue market is expected to remain supply constrained.

Newmark’s Co-Head of Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Rob Hannan, Ken White, Senior Managing Director Michael Moll and Director Rachel Jones, in cooperation with local market experts, Executive Managing Directors Tim O’Keefe and Joe Lynch, represented the seller in the transaction.

“We believe Seattle’s Eastside market may be the strongest office market in the nation at this time,” said Shannon. “New spec office construction is warranted and Advanta Edge offers a massive basis advantage for Talon and Prudential compared to replacement cost rents in the unlikely event that Microsoft doesn’t renew.”




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