Issaquah-based commercial real estate firm, Lake Washington Partners, purchased the Commons 90 Office Park in Bellevue, which is home to anchor tenants REI, Siemens and Quadrant Homes, for $46 million in a deal that closed May 24th. The firm acquired the property from Eastgate Bellevue Holdings LLC, which is associated with New York City-based Clarion Partners and Nashville-based Tennessee Consolidated Retirement System.
The office park sold for about $324 per square foot. Tennessee Consolidated has owned Commons 90 since December of 2007 after it acquired the property from Broadreach Capital Partners for $41,190,000 or about $290 per square foot.
The Commons 90 building, previously known as the Eastgate Office Center, is located at 15800 and 15900 S.E. Eastgate Way and was built in 1988. The 142,000 square foot, two-building center sits on a 8.3-acre property. The site also offers parking at a rate of 4.7 per 1,000 square feet.
The two buildings were recently upgraded to include new lobby complete with a fireplace and break out rooms, courtyard with fire pits and seating, a fitness center with locker rooms and a new conference center.
Outside of this recent acquisition, Lake Washington Partners owns and manages a number of properties in the Puget Sound region including Class A office space and industrial buildings in Bellevue, Issaquah, Lynnwood and Renton. The group also owns and manages large-scale industrial facilities in Nevada, Arizona, Minnesota, Texas, Ohio, Florida and New Jersey.
Tennessee Consolidated is a pension fund that invests and sells real estate on a separate account basis in markets across the country.