Seattle, Wash. (October 31, 2023) – The Pacific Cataract and Laser Institute has sold its building at 2606 116th Avenue Northeast in Bellevue, Washington to First Citizens Bank in a sale-leaseback for $18,500,000 ($558 per square foot). According to CoStar, this marks the second-highest office sale price on the Eastside for all of 2023. Kidder Mathews Executive Vice President Jeff Chaney represented Pacific Cataract in selling the Class A office space, which the company purchased for $13,500,000 in 2017. The institute will lease back approximately 15,522 square feet on the first floor of the 33,155-square-foot building, ensuring its ongoing presence at the location.
“We are thrilled to have played a key role in helping Pacific Cataract and Laser Institute achieve their goals in this transaction,” said Chaney. “The sale-leaseback arrangement with First Citizens Bank will allow Pacific Cataract to focus on their core business operations, while also unlocking valuable capital for strategic initiatives.”
The property is situated in a prime location just north of the Bel-Red Corridor, between the 405 and 520 freeways. It is minutes from numerous popular retail attractions, Downtown Bellevue, and the new Spring District.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts 2,800 appraisal, consulting, and cost segregation assignments annually.