SEATTLE, Wash. – Lake Washington Partners LLC, a Seattle-based, privately-owned and family-owned commercial real estate investor and developer focused on office and industrial properties across the United States, has announced today that it has purchased Corporate Campus East in Bellevue’s esteemed 520 Corridor. The company purchased Corporate Campus East from Kennedy Wilson Fund V, a commingled fund managed by Kennedy Wilson (NYSE: KW), a global real estate investment company, for approximately $62 million dollars. Lake Washington Partners expands its ownership presence on Seattle’s Eastside with the acquisition of the three-building, 9-acre, 136,592-square-foot property, located at 3025 112th Ave. NE, 3055 112th Ave. NE and 3075 112th Ave. NE in Bellevue.
Lake Washington Partners’ family-owned business model combined with its deep roots in the Bellevue market led to the company’s acquisition of the highly-coveted address, which is anchored by Microsoft.
“In strong and enduring markets like Bellevue, there’s an abundance of capital, so purchasing a preeminent address on the Eastside is more than about who can buy the property. As a small, family-owned and family-run business, we were able to demonstrate to Kennedy Wilson who we are, the breadth and depth of our local market knowledge, the expertise of our local team with boots on the ground, and the ability of our family business to quickly and seamlessly execute on the investment process. We’re honored to have earned this opportunity,” said Lake Washington Partners President Jordan Lott.
Equidistant between Seattle and Redmond, Corporate Campus East is strategically located on the Eastside, in an urban hub that boasts many transit options, live-work communities, walkable restaurants and shopping districts, and bike paths and parks. The property is approximately 93 percent leased to a roster of diverse tenants, including Microsoft as the anchor tenant and the largest economic driver in the region. All three buildings were built between 1982 and 1984. Kennedy Wilson recently completed a three-million-dollar renovation to upgrade and remodel the lobbies, bathrooms, building exteriors and to add a bike storage room, outdoor seating and refreshed landscaping. These enhancements positioned the property as one of the premier assets along the 520 Corridor.
Lake Washington Partners is well-entrenched in the Bellevue market. It owns 477,623 square feet of office properties in Bellevue including the Commons on 90, Eastgate, Brookside Office Park, Cordova and Gateway 405.
The Puget Sound Business Journal just named Jordan Lott the “Family Business Executive of the Year” on the publication’s Middle Market Fast 50 List for 2021, and honorees will be recognized at a special virtual event on June 24th.
Lake Washington Partners was represented by Jeff Jochums of CBRE. Jeff Jochums and Scott Davis of CBRE will lead leasing for the property moving forward. Kevin Shannon, Nick Kucha, Rob Hannan and Michael Moll of Newmark were the listing team for Corporate Campus East.
Lott, along with his brother and father, is also co-owner of the family-owned SanMar Corporation, a supplier of wholesale apparel based in Issaquah, Wash., which was founded in 1971 by his father, Marty Lott. Jordan Lott oversees real estate as part of the Lott family enterprise.
About Lake Washington Partners LLC
Lake Washington Partners is a Seattle-based, privately-owned and family-owned commercial real estate investor and developer, focused on office and industrial properties across the United States. Founded in 2006, Lake Washington Partners specializes in long-term investment through acquisition and development projects across nine states. It is a long-term investor in its properties, its tenants, and in the communities it serves. The company currently owns and operates more than nine million square feet of commercial properties nationwide.