American Assets Trust Spends $125M on Bellevue Office Park

Eastgate Office Park

American Assets Trust has paid $125 million in cash to acquire Eastgate Office Park, a roughly 282,000-square-foot office campus in Bellevue, Wash. According to CommercialEdge data, the asset last traded in 2016, when Kennedy Wilson purchased it for $74.7 million.

Located at 15325 SE 30th Place, the office park is within the Interstate 90 corridor, offering quick access to downtown Seattle, which is roughly 11 miles west. The four-building asset is adjacent to Microsoft’s Advanta Edge Campus, a 601,081-square-foot office property fully leased to the tech giant and which traded in mid-March for $169 million.

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The multi-tenant campus was more than 95 percent leased at the time of sale, with a weighted average lease term of approximately 3 years. The diverse tenant roster includes Great American Insurance Group, Rockwell Automation and Virtuosity, CommercialEdge data shows. Amenities at the LEED Silver-certified building include a fitness center and a little more than 1,000 parking spots. 

Completed in 1984, Eastgate Office Park underwent cosmetic renovations in 2001. Recently, the property obtained municipal approval for rezoning, increasing the floor area ratio from 0.5 to 1.0. This will allow the new owner to consider additional development opportunities at the park.