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 FacilityWe 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.