Transwestern to Manage KBS’ 490 KSF of Office Buildings in Metro Seattle
- Jul 11, 2014
KBS has tapped Transwestern to manage two of its Class A office buildings at 10800 and 10900 N.E. 8th St. in Bellevue, Washington’s CBD, 12 miles east of Seattle.
Both the 16-story, 345,586-square-foot Plaza Center and the 10-story, 144,510-square-foot U.S. Bank Plaza are owned by KBS Capital Advisors, the exclusive advisor for KBS-publicly registered, non-traded REITs.
Transwestern’s Senior Vice President Mark Jackson, who heads property management services in the region, will lead the property management team at both buildings, according to a Transwestern spokesperson.
“There are two of the premier properties in Bellevue, a town that has emerged into a world-class destination of employment opportunities and residential living,” said Jackson in a news release. “We are honored to have been chosen by KBS Capital Advisors for this high-profile management assignment.”
Both buildings share a six-level parking structure. With an occupancy of 79 percent, the Plaza Buildings’ main tenants include U.S. National Association, Visa Inc. and Blucora Inc. The properties are surrounded by almost 5 million square feet of retail and entertainment centers, including Bellevue Square and The Bravern, a mixed-use development with luxury shopping, dining and residential units. The buildings are also in close proximity to the Bellevue Arts Museum and Meydenbauer Center.
According to a Marcus & Millichap 2014 Seattle Office Research Report, office vacancy is tightening across the Puget Sound region on the heels of solid job growth, with tech company expansions prompting builders to undertake large-scale office projects. Bellevue remains one of the prime locations for such developments, as Amazon and Microsoft’s swelling footprints fuel developers’ anticipation of heightened space demand.
KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS’ publicly registered, non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate as KBS pension fun and institutional partners.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability.