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11/01/23
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First Citizens Bank has acquired a 33.2k sf office building Bellevue, WA in an $18.5 mil sale/leaseback deal. The building was sold by The Pacific Cataract and Laser Institute, which will lease back 15.5k sf of space on the first floor.
The Class A building, located at 2606 116th Avenue Northwest, traded for $558/sf, which marks the second-highest office sale price on the Eastside for all of 2023, according to CoStar.
The property is situated in a prime location just north of the Bel-Red Corridor, between the 405 and 520 freeways. It is minutes from numerous popular retail attractions, Downtown Bellevue, and the new Spring District.
Jeff Chaney with Kidder Mathews represented Pacific Cataract, which purchased the asset in 2017 for $13.5 mil.
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