Newmark announces it has completed the sale of Bel- Spring 520, a two-building, multi-tenant office campus located in Bellevue, Washington. The campus traded from Swift Real Estate Partners to American Assets Trust in an off-market transaction for $45.5 million, or $487 per square foot.
Newmark Vice Chairman Nick Kucha and Directors Rachel Jones and Jeff Hodson in cooperation with Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Michael Moll represented the seller.
“The improvement in Seattle’s Eastside office market has continued to exceed expectations allowing owners like Swift to accelerate their disposition plans and still meet or more often exceed their targeted returns with a much shorter than anticipated holding period,” said Shannon.
Located at 11808 and 11820 Northup Way in Bellevue, Bel-Spring 520 comprises two, three- story buildings totaling 93,292 square feet and located on approximately five acres. The asset was 69% leased at the time of sale. Built in 1988, the property underwent a renovation that completed in 2016. Property amenities include indoor and outdoor workspaces, Avanti Market with coffee service, showers and lockers, conference center and bike storage.
The office campus presents immediate access to State Route 520 and Interstate 405 which connects downtown Bellevue and other nearby Eastside markets and provides easy access to a large mix of amenities in the immediate Bellevue area and the neighboring Kirkland and Redmond markets.
The Puget Sound office market continued its steady recovery during the fourth quarter of 2021, according to Newmark Research. The market offered several positive indications that 2022 will bring not only stabilization but growth. Return-to-office numbers are rebounding, following some minor delays caused by the COVID-19 Delta variant. The Omicron variant, which emerged late in the year, is expected to have a minimal impact on employees returning to work, given the prevalence of employer-mandated vaccination and the easing of quarantine restrictions by the CDC. While remote-work and hybrid models are certain to continue post-pandemic, it has become evident that, despite initial concerns, these trends are unlikely to negatively impact the market in the long-term, as employers need to be able to accommodate peak attendance.