(EDITOR’S NOTE: According to public records, the sale recorded yesterday, September 23rd. The property traded for $84.1 million, or about $566 per square foot. Public records indicate that the buyer, New Rock Acquisition LLC, is affiliated with Los Angeles-based Rockwood Capital. The seller of the asset is a limited liability company associated with Principal Real Estate Investors.)
Bellevue, Wash. – September 24, 2021 – CBRE has arranged the sale of Lincoln Plaza, a 148,652-square-foot, multi-tenant office campus in Bellevue, Wash., to New Rock Acquisition, LLC.
CBRE’s Tom Pehl, Todd Tydlaska, Charles Safley, Lou Senini, Paige Morgan, and Chais Lowell with CBRE Capital Markets represented the seller, Des Moines, Iowa-based Principal Real Estate Investors, LLC. Brad Zampa and Mike Walker are arranging acquisition financing on behalf of the buyer. CBRE’s Scott Davis and Tim Owens will continue to lease the property under new ownership.
Lincoln Plaza is a three-building campus situated on 9.1 acres at 11225, 11235 and 11245 SE Sixth Street. It was 90 percent leased at the time of sale to approximately 20 tenants in the technology and professional services industries.
“The investment opportunity generated significant interest from a broad range of local, national, and international capital sources,” said CBRE’s Pehl. “The strength of the Eastside market, irreplaceable location adjacent to the East Link light rail station, and strong in-place cash flow validated the deep investor interest in the opportunity.”
The property is immediately south of downtown Bellevue and a 20-minute drive from downtown Seattle. Lincoln Plaza is located next to the Bellevue Club and offers access to abundant retail amenities and restaurants, including those at The Bellevue Collection, as well as numerous parks and hotels.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.