Newmark has completed the $35.75 million sale of I-90 Bellevue Campus. The transaction includes two adjacent office campuses each containing two buildings and totaling 253,857-square-feet in Bellevue, WA. The property is currently vacant and sold for approximately $141 per square foot - a discount to where stabilized office buildings have recently traded within the I-90 corridor submarket of Bellevue.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Directors Tim O’Keefe and Ken White and Managing Director Michael Moll represented the seller, Boeing, who has owned and occupied these assets since originally constructed. The buyer, a joint venture between Walton Street Capital and Talon Private Capital was self-represented.
“This property presents an ideal opportunity for the buyer to capitalize on the project’s untapped potential and location by implementing a significant capital renovation in order to appeal to the tenant demand we are seeing in the market,” said O’Keefe. “Additionally, there is the potential to add additional square footage to the site which can create tremendous value and cash flow once the campus is stabilized.”
Built in phases in 1983, 1986 and 1991, I-90 Bellevue Campus is located at 3255, 3265, 3156, 3076 160th Ave SE. It is situated on approximately 20 acres and is near the intersection of the 405 and 90 interstates in Eastside Seattle. It is near an abundance of major corporate tenants including Costco, Microsoft, Nintendo of American, among others.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.