By Jack Stubbs
The Eastside office market—which includes cities like Bellevue, Redmond and Kirkland, among other evolving areas—has attracted a significant amount of investor interest over the last several quarters, with a recent sale indicating that demand in the areas continues heading into fourth quarter 2019.
Bellevue-based American Capital Group Inc. (ACG), a full-service real estate company that designs, develops, builds, acquires and manages multifamily real estate throughout the West Coast, recently made moves to expand its local portfolio.
On August 26th, the company, through an entity named ACG 15 Lake Bellevue LLC, spent $16.35 million, or just over $470 per square foot, to acquire the 15 Lake Bellevue Office Building in Bellevue, King County records show. The seller of the property was Ianni Lake Bellevue LLC based in Seattle.
The 15 Lake Bellevue Building, located at 15 Lake Bellevue Drive, is a two-story office property that totals 34,703 square feet, according to public documents. Built in 1999, the building sits on just under three acres.
The property is just under two miles east of Bellevue’s Central Business District—which includes local attractions such as Bellevue Square, Bellevue Arts Museum and Downtown Park—and roughly five miles south of Kirkland via I-405. The building also offers convenient access to Washington State Route 520.
Founded in 1986, ACG has developed and built more than 80 properties across ten Western States, according to the company’s web site. The company’s projects over the past decade have a development value in excess of $1.5 billion.
Further afield in the Puget Sound region, ACG’s portfolio also includes an under-development, 140-unit property in Everett (for which the groundbreaking was held in Spring 2018); the under-construction LARC at Burien, a 160-unit development; and Olympia Phase III, an under-development project that will ultimately include 200 units.