Newmark announced today the $55.25 million sale of Corporate Campus East III, a four-building, 154,765-square-foot office campus in Bellevue, WA.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Rob Hannan and Ken White, Senior Managing Director Michael Moll and Director Bill Delacy represented the seller, TA Realty. The buyer, a joint venture with Steelwave and Ares Management, was self-represented.
Situated on 11.74 acres at 3001, 3005, 3009 and 3015 112th Avenue NE, the campus was built in the mid-1980s and underwent a major renovation in 2015. The property is 90 percent occupied by a diverse mix of tenants and offers a cafeteria, plaza, canopies and outdoor benches and seating areas, and ample parking.
Corporate Campus East III is just three minutes from the downtown Bellevue central business district (CBD), a submarket that has experienced unprecedented growth and record-setting rents. The asset is also well-located along the 520 Corridor, which connects Seattle to Redmond, home to Microsoft’s world headquarters.
“The 520 Corridor is currently experiencing an incredible fundamental improvement with a 2.5 percent office vacancy rate and minimal new product in the pipeline. The rents continue to rise due to increasing tenant demand with no signs of a slowdown,” said Shannon.
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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