Building Sale in Bellevue Shows Eastside Office Market is Strong
San Francisco-based Swift Real Estate Partners sold a Bellevue, WA property, Overlake 520, for 39% more than what it was purchased for in 2018. The building was purchased for $45.4 million and sold for $63 million, showing the strength of the Bellevue market. Office investment sales have remained steady in 2020 but the pace has slowed due to many continuing to work from home through the pandemic. However, the sale of this property shows high demand on the Eastside, with Tom Harris of Swift stating “In the midst of a global pandemic, we witnessed deep demand for office space from tenants and equally impressive interest from institutional capital.” The vacancy in Bellevue is at 3.2%, with the 520 corridor and Redmond being the two Eastside submarkets to show positive net absorption.
South King County Industrial Property Repositioned as Last-Mile Facility
CenterPoint Properties, a Chicago-based company, purchased two South King County industrial properties, one of which it will reposition to a more modern last-mile facility, for close to $28.7 million. The property is 33 years old and while many new last-mile facilities tend to be around 125,000 SF on up to 30 acres of property, the Auburn property measures 126,000 SF and sits on 7 acres, but has three points of access, as well as being located on a highway (an interchange onto SR 167) and near the SeaTac Airport and Tacoma seaport. CenterPoint stated that it is the only one of its kind cross-deck building under 150,000 SF in the Kent Valley.
SMARTCAP Tenant Lease Renewal
We are excited to announce that Regus, a tenant at our Kirkland 405 Corporate Center, has signed a lease renewal for a 10-year extension. Regus provides modern, flexible workspaces to customers like Google and Toshiba. This is great news for all involved, and SMARTCAP, Inc. is thrilled to have a good and valued tenant in our building for ten more years.
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