Newmark has completed the off-market $117 million sale of 90 North, a four-building, 256,703-square-foot office campus located in Bellevue, WA. The property is fully occupied by two tenants T-Mobile and Mindtree.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Ken White, Tim O’Keefe and Mike Schreck, Senior Managing Director Michael Moll, Director James Childress and Associate Director Rachel Jones represented the seller, a joint venture between affiliates of Chicago-based Walton Street Capital, L.L.C. and Seattle-based Talon Private Capital, LLC. The buyer was Los Angeles-based Preylock Real Estate Holdings who partnered with foreign capital.
In November 2017, the Newmark team, led by Kevin Shannon, sold the property on behalf of the seller, Boeing, to affiliates of Walton Street Capital, L.L.C. and Talon Private Capital who acquired the property for $35.75 million as a value-add repositioning opportunity.
“This stabilized campus was sold off-market, which is unusual,” said Shannon. “Newmark worked with the seller to determine an estimated value range which was met with Preylock’s preemptive offer. This is yet another example of foreign capital being attracted to Seattle’s real estate market.”
O’Keefe noted, “Every sector of the Eastside market has changed dramatically in the last 24 months. We expect to see considerable foreign and domestic capital continue to pursue every opportunity available.”
Built in phases in 1983, 1986 and 1991, 90 North is situated on approximately 20 acres at 3255, 3265, 3156 and 3067 160th Ave. SE. The campus features an on-site food court, café, fitness center, conference facility, courtyard with outdoor seating and recreational activities, and ample surface parking.
“The affiliates of Walton Street Capital, L.L.C. and Talon Private Capital did an excellent job executing on their planned capital improvement program on 90 North, and effectively repositioned the campus into a modern creative office environment,” said Moll. “The asset is stabilized with two large users on long-term leases, providing the buyer with a prime office campus in one of the nation’s top office markets.”
90 North is ideally located in Eastgate, the heart of the I-90 suburban corridor which provides prime freeway access, proximity to the best executive housing in the region, a strong roster of corporate tenants, and a low vacancy rate. The property benefits from a strategic location with ingress/egress to Interstates 405 and 90 and access via shuttle service to the Eastgate Park & Ride. Additionally, the property is 10 miles to Seattle CBD and 4.5 miles to Bellevue CBD.
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 18,000 professionals operate from approximately 480 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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