Seattle Office Campus Commands $155.3M
- Apr 08, 2016
By Keith Loria, Contributing Editor
Seattle—M-M Properties and a large institutional investor have acquired Sunset North, a three-building, 464,000-square-foot Class A office campus in Bellevue, Wash., from a fund managed by Beacon Capital Partners, for $155.3 million.
CBRE’s Institutional Properties team represented the seller in the transaction.
“It’s located in Bellevue’s I-90 corridor, one of the strongest economies in the county, with great demand drivers, particularly from the technology sector,” Tom Pehl, CBRE Capital Markets senior vice president of institutional properties, told Commercial Property Executive. “It’s a very high-quality property, among the best in the submarket, and is located next to transit.”
Originally completed in 2000, Sunset North includes an on-site fitness center and carryout restaurant and a plaza with native plantings, outdoor walkways and seating areas that take full advantage of the area’s natural beauty. The complex is also LEED Silver-certified by the U.S. Green Building Council.
At the time of the transaction, Sunset North was 99 percent leased, anchored by The Boeing Co.
“We are excited to add Sunset North to our expanding institutional investment portfolio,” Ken Moczulski, M-M Properties CEO, said in a prepared statement. “Following our October 2015 acquisition of the Sawgrass Centre office portfolio in Fort Lauderdale, the acquisition of Sunset North continues our geographic diversification into high-quality institutional assets.”
According to Pehl, the complex’s unobstructed views of the downtown Seattle skyline and Olympic Mountains and easy access to downtown Bellevue and downtown Seattle have attracted an impressive mix of tenants, including Boeing.
Joining Pehl on the deal were Lou Senini, Kevin Shannon, Ken White and Michael Moll. Paul Sweeney and Jason Furr of Broderick Group assisted as well.
Image via Google Street View