|
|
6/26/25
|
Drawbridge Realty, in partnership with KKR/Global Atlantic, has purchased Block 13, a state-of-the-art, Class A office tower located in The Spring District, a vibrant, transit-oriented urban neighborhood being developed in Seattle’s Bel Red Corridor. The nine-story, 212.1k sf property, delivered in 2024, is 100% leased to Meta Inc.
The property, located at 1325 123rd Ave NE, traded for $193 mil, or around $900/sf. The asset was sold by Shorenstein Investment Advisers and Wright Runstad & Company.
The Spring District comprises 2 msf of office and retail space, 800 apartment units and the new Spring District East Link Light Rail Station. The 36-acre neighborhood will continue to grow with additional land for over 1 msf of mixed-use development. Shorenstein and Wright Runstad co-developed The Spring District, which was conceptualized in 2007 and has since become a premier live-work-play neighborhood on the city’s Eastside.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Vice Chairman and Head of Newmark's International Capital Markets Group Alex Foshay, Vice Chairmen Nick Kucha, Michael Moll and Ken White, Managing Director Liam Ogburn and Director Jakob Nicholls represented the seller in the transaction. Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday led market acquisition financing alternatives throughout the sales process. Jaden Rosselli, Vice President of Acquisitions at Drawbridge Realty, led the buyer’s self-represented team in negotiations.
“This sale reflects the exceptional strength and resilience of Bellevue’s office market, which continues to be one of the most coveted markets in the nation,” said Kucha. “Block 13 offers investors the rare opportunity to acquire a trophy asset with secure, investment-grade cash flow in one of the West Coast’s most dynamic live-work-play environments.”
“The managed bid process for this asset sale was very competitive, with both foreign and domestic capital competing for the award,” added Shannon. “Investors globally have conviction that both fundamentals and capital market conditions are improving, which is especially true for best-in-class product like Block 13 in desirable markets like Bellevue.”
Bellevue’s office market is leading a regional comeback, showcasing strength within the broader Seattle area, according to Newmark Research. The Spring District, a burgeoning urban node, is fueled by strong leasing activity, with low vacancy rates and premium rental rates attracting major tech players like Meta, driving absorption.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
