A 44,419-square-foot commercial office building in Bellevue was recently sold for $22.5 million, according to King County public records.
The building, which sits on nearly 3 acres of land, is located at 31010 Northup Way, and was sold by real estate investment agency Longwell Company to an entity associated with Proliance Orthopedics and Sports Medicine.
The orthopedic surgeon group specializes in general orthopedic and sports injuries and has approximately 20 providers across its three locations in Bellevue, Redmond and Issaquah.
The new location would place them in close proximity to State Route 520 and I-405 and less than 2 miles from their current Bellevue location, at 1231116th Ave. NE. The building is also near Northup West Office Park, and several government buildings, including the Washington State Department of Transportation and the Bellevue Service Center.
According to a recent report from investment management company Colliers International, the Eastside office market has seen minor changes since the COVID-19 pandemic began in 2020. Since that time, the area saw more than 3 million square feet of leasing activity, with Amazon and Facebook making up a majority of lease transactions.
In Bellevue, the report shows that asking rental rates have decreased by 0.6 percent in the past year, while class B rental rates decreased by 3%. Class A asking rates throughout the Eastside market decreased by 4.9%. At the same time, the vacancy rate in the Eastside market has increased by 8.8 percent in the past year.
Proliance Orthopedics and Sports Medicine could not be reached in time for publication.