By Jack Stubbs
On Friday, August 31st, the Benaroya I-90 Center South office building in the Eastgate neighborhood of Bellevue sold for $24.2 million, or approximately $303 per square foot, according to public records filed with King County. The buyer was Eastgate RE Ventures LLC, an entity based in Bellevue.
The seller was Bellevue-based property management company Benaroya Company, who currently occupies space in the building as its corporate office. Benaroya Company declined to comment on the transaction.
The I-90 Center South building, located at 3600 136th Place SE, is a four-story office building constructed in 1986 that totals 79,904 net square feet, according to public documents. The class B property sits on nearly 5 acres of land.
According to the property flyer written by Colliers International, who is the listing broker for the building, there are currently 37,069 square feet available. Some of the current tenants along with Benaroya include ExtraSlice, HCL Technologies and RhythmOne. Some of the amenities available to tenants include a single-building user feel and interior lobby branding, as well as on-site ownership and management. The “build-to-suit, tech-oriented” office building has generous tenant improvement allowance, and also offers large windows, secure bike storage and a rooftop volleyball court.
The listing also emphasizes the building’s location along Bellevue’s I-90 tech corridor, which also has easy access to I-405 and the Eastgate Park & Ride. The property is also within 5 minutes of more than 125 amenities in Bellevue’s Factoria and Eastgate neighborhoods and is approximately four miles south of downtown Bellevue.
Founded in 1956, the Benaroya Company focuses on build-to-suits, data centers and short-term financing investment opportunities throughout the Pacific Northwest, according to the company’s web site. Since 1995, Benaroya has acquired and/or developed more than 12 million square feet of real estate projects including data centers and medical, retail, industrial, technology and office facilities for a wide range of global and regional companies. Some of these companies include Fred Hutchinson Cancer Research Center, Kaiser Permanente, Nordstrom, Seattle Children’s Hospital and Verizon.
Benaroya Company owns and manages a number of other assets throughout the Puget Sound region, some of which include include SH1 Colocation, a 56,605 square foot data center in Puyallup, and a 320-acre Pacific Northwest Regional Logistics Center in Winlock.
Benaroya’s sale of the I-90 building follows the company’s disposition of another asset in Seattle in early August. On August 2nd, the company sold the 229,595 square foot Benaroya 6100 Building in Seattle’s Georgetown neighborhood to Trupanion for for $65 million, or approximately $283 per square foot.
And on August 31st, RBT Investments LLC acquired the the I-90 Corporate Campus, an 89,186 square foot, two-building office complex located at 3350 and 3460 161st Ave SE—two miles east of the Benaroya building—sold for just over $28 million. The seller, Pine Forest Properties, a Seattle based real estate development and investment firm, was represented in the transaction by Kidder Mathews.