Swift Real Estate Closes Bellevue 520 Corridor Office Purchase

Bel Kirk 520. Image courtesy of Swift Real Estate Partners

Swift Real Estate Partners has acquired the Bellevue 520 Office Corridor Portfolio, a property group in Bellevue, Wash., for $59.3 million, from Schnitzer West and RMA. The 185,927-square-foot portfolio comprises two properties—Bel Kirk 520 and Centra Office Park.

Located at 11120-11130 N.E. 33^rd Place, Bel Kirk 520 is a Class A asset totaling 94,221 square feet. The property was built in 1988 and underwent significant capital improvements in 2016, including a standalone building dedicated to amenities dubbed the HUB. Bel Kirk 520 is 100 percent occupied and features amenities such as a fitness center and 343 parking spaces. 

Centra Office Park is a three-story, two-building property located at the corner of State Route 520 and Interstate 405. The 91,706-square-foot building was built in 1983 and underwent major renovations in 2006 and 2015, according to Yardi Matrix information.

READ ALSO: Alexandria Real Estate Inks Full-Building Lease in Seattle

The portfolio is located within the 520 Corridor, a submarket in the Puget Sound region. Bel Kirk 520 was purchased for $26.7 million with the ground lease in place, while Centra Office Park sold for $32.6 million. Both properties were purchased by Schnitzer West and RMA in 2015 for a total of $38.5 million, also per Yardi Matrix data. 

A Newmark Knight Frank team of Kevin Shannon, Mike Moll, Ken White and Nick Kucha represented Swift Real Estate in the deal. Earlier this month, a 154,800-square-foot office campus, also in Bellevue, was sold by TA Realty to a joint venture of SteelWave and Ares Management for about $55.3 million.

The Seattle office market has one of the largest office pipelines in the country at the moment, with more than 6 million square feet under construction as of May, according to a just-released Yardi Matrix report.