PGIM JV Buys Microsoft-Leased Campus for $169M
- Mar 17, 2021
The Shidler Group has sold the leasehold interest in Advanta Edge Campus in Bellevue, Wash., for $169 million, according to public records.
The 601,081-square-foot campus is fully leased to Microsoft. The new owner, a partnership between Talon Private Capital and PGIM Real Estate, received $200 million in financing from a consortium of 13 lenders including Greystone Insurance Co. and Hilltop Securities, as well as an entity connected to Kennedy Wilson and companies connected to Fairfax Financial.
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Located at 3005, 3007 and 3009 160th Ave. SE, the campus is roughly 6 miles from Microsoft’s headquarters in Redmond, Wash. The property was designed by architect CollinsWoerman and was completed in 2008 by Schnitzer West.
Microsoft funded more than $120 million out of the $174.5 million worth of capital improvements to enhance the electrical and mechanical infrastructure, telecommunications backbone, interior finishes and build-outs.
Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Rob Hannan, Ken White, Senior Managing Director Michael Moll and Director Rachel Jones, as well as Executive Managing Directors Tim O’Keefe and Joe Lynch, worked on behalf of the seller. According to Shannon, Seattle’s Eastside is currently one of the strongest office submarkets in the country. The area is attracting significant attention from tech companies, with Facebook paying $390 million last September to buy REI Co-op’s corporate campus located just less than 6 miles northwest from Advanta Edge Campus.