Partners Group, the global private markets investment manager, on behalf of its clients, and private equity real estate investment firm Unico Properties LLC, a subsidiary of Unico Investment Group LLC, announced their purchase of Bellevue Connection in Bellevue’s central business district. The acquisition consists of a three-story, 227,811-square-foot mixed-use building with a 797-stall, four-story subterranean parking garage.
“This was a rare opportunity to acquire a well-located asset in a market that has seen unprecedented levels of absorption,” said Andrew Cox, Unico Senior Vice President and Regional Director. “Demand for space that can meet the needs of large-scale technology office users remains strong, especially in Bellevue that is seeing historically low vacancy rates driven by major technology tenants.”
“This was a unique opportunity to acquire a highly visible property in one of the most active real estate investment markets in the U.S.,” said Marcus Day, Partners Group’s Senior Vice President, Private Real Estate Americas. “Bellevue Connection is a good example of Partners Group’s ability to create value for our clients by sourcing off-market transactions, investing in high-quality locations and implementing a variety of proactive asset management initiatives.”
Originally developed in 1999 as the 11-screen movie theater “Bellevue Galleria,” Bellevue Connection was converted into a mixed-use office project in 2008. Due to its original design and use, the property offers large floor plates with double-height ceilings, large windows, and above-market large parking ratio. Centrally located in the CBD at NE 6th and 106th, the property is situated directly between Lincoln and Bellevue Square, the city’s primary retail shopping node, and a mass transit station slated to receive light rail.
“True to its name, Bellevue Connection will serve as a connector for tenants and pedestrians alike as the market continues to grow,” said Liz Thorson, Unico Director and Market Leader.
Partners Group’s Managing Director and Co-Head Private Real Estate Americas, Fabian Neuenschwander, added: “We are very pleased to expand our relationship with Unico and offer Partners Group’s operational expertise to this highly promising investment. Bellevue Connection provides significant value-add potential and is an excellent addition to our growing U.S. real estate portfolio.”
The brokers who represented the seller in the acquisition are Jason Flynn and Reid Rader of Eastdil Secured. Acquisition financing was arranged by Matt Haden, also from Eastdil Secured.
ABOUT PARTNERS GROUP
Partners Group is a global private markets investment management firm with USD 91 billion in investment programs under management in private equity, private real estate, private infrastructure, and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, Toronto, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 1,300 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
ABOUT UNICO PROPERTIES LLC
Unico Properties LLC, a subsidiary of Unico Investment Group LLC, is a commercial real estate investor, developer, and full-service operator focused on office and multifamily assets in emerging markets throughout the United States. Founded in 1953, Unico has been transforming the built environment by creating innovative, people-focused building experiences through a cadre of subsidiary companies that deliver boutique expertise and institutional execution for its own accounts and select third-party clients. The private equity real estate investment firm currently owns and operates 18 million square feet of commercial properties across the United States and continues to grow.