Newmark has advised on the $32,150,000 ($363/PSF) sale of Evergreen Office Park, a Class A, two-building, 88,642-square-foot office park located at 10940 & 11000 NE 33rd Place, Bellevue, Washington.
The seller, TA Realty, is a private real estate investment group. Since inception in 1982, the firm has acquired, invested and/or managed $28.2 billion of real estate and acquired over 985 commercial and multifamily properties on behalf of U.S. and non-U.S. investors.
TA Realty was represented in the transaction by Newmark Managing Director Joe Lynch and Senior Managing Director Dan Harden and Executive Vice President Andy Miller of Kidder Mathews. The property was purchased by SmartCap Group, a locally owned company specializing in commercial real estate investment and focusing on value-add retail and office real estate located in the western United States.
The buildings are strategically located adjacent to SR-520, offering immediate access to all the major CBD’s. The office park’s corporate neighbors include such prominent names as Facebook, Google, Amazon and Microsoft.
“The greater Eastside has a 4.01% vacancy rate; the lowest level since 4Q2000. Newmark is tracking over 6.2 million square feet of demand with only 2.1 million square feet of supply. The 520 Corridor, where Evergreen Office Park is located, has consistently been one of the strongest performing Eastside submarkets, making it a prime investment opportunity,” said Joe Lynch.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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