Home Commercial SteelWave Sells Off Second Office Building to PCCP for $21.45MM

SteelWave Sells Off Second Office Building to PCCP for $21.45MM

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Evergreen Office Park, PCCP, Steelwave, Kidder Mathews, Bellevue, King County
Evergreen Office Park | Photo: Kidder Mathews

By Brittan Jenkins

For a second time this week, the former Foster City, Calif. -based Legacy Partners Commercial, now SteelWave, sold off another office building for $21.45 million or $242 per square foot, but this time in Bellevue. Los Angeles-based PCCP purchased the Evergreen Office Park at 10940 and 1100 N.E. 33rd Place. The sale was recorded on January 27th and Kidder Mathews commercial real estate brokers, Andy Miller, Joe Lynch, and Dan Harden, represented SteelWave in the transaction.

King County public records state $75,000 was deducted in personal property, leaving a taxable selling price of $21,375,000. Legacy originally purchased the property for $16.35 million in 2006.

Built in 1981, the office park sits on a 4.3-acre lot and consists of two low-rise buildings of 88,642 square feet. A Kidder Mathews brochure states there’s one two-story building of about 36,269 square feet and one three-story building of 52,373 square feet. The brochure also states there will be significant capital improvements coming this year though there is no additional information on what those improvements might be. The office park also offers generous parking at a rate of 3.6/1,000 square feet including free surface parking and 108 covered parking stalls.

According to SteelWave’s Web site, the Evergreen Office Park is currently home a variety of business including financial planning, software, architectural and account firms. The office park is also within close proximity to SR 520, Bellevue CBD, Kirkland CBD and Microsoft headquarters. The South Kirkland Transit Center is also only two blocks away.

In another sale this week, SteelWave sold off the office and retail portion of the mixed-use condominium complex, Arbor Place Condominiums to PCCP for $21.95 million. With the two deals combined, PCCP spent over $43 million for the properties.