Home Commercial Deacon Corp. Sells Off Bellevue Office Building for $11.1MM

Deacon Corp. Sells Off Bellevue Office Building for $11.1MM

By Brittan Jenkins

Portland-based Deacon Corp., the owner of the 520 Corporate Center Building A and also a current tenant, sold off its building to Bellevue-based Griffin Property Holdings for $11.1 million or about $370 per square foot in a deal that closed April 12th.

Deacon originally purchased the building at 2375 130th Ave. NE in Bellevue at the 520 Corporate Center in 2003 for which it paid $4.75 million or about $172 per square foot. The entire center is comprised of three two-story buildings totalling 87,500 square feet. Deacon purchased building A which has about 30,000 square feet.

The building sits on a .46 acre property and was built in 1988 and designed by Spokane-based Ron Joseph Architecture. The office building is a two-story Class A space with private offices, a conference room, reception area, kitchen, copy room and server room. It also offers free parking at a rate of 3.1 per 1,000 square feet.

When Deacon originally purchased the property over a decade ago, the company saw it as a good opportunity. “Situated at the intersection of Hwy 520 and I-405 in the Bellevue office corridor, we saw this opportunity as not only a sound operational decision, but a strong addition to our real estate portfolio,” according to Deacon’s website.

Caliber Real Estate, Commonwealth Real Estate and Homeowner Services are also listed as tenants of the building.

A Q1 2017 office market report for the Eastside from the Broderick Group states that investment sales in the Eastside market has been relatively quiet this quarter, with only a few transactions in the suburban markets. Overall, brokers with the Broderick Group said, “For the foreseeable future, it is hard to envision additional new development hitting the market in Bellevue, which will result in a continued tight market,” according to the report. Additionally, they anticipate the market with likely remain a landlord-favorable market for at least two to three more years.