The Ridgepointe Corporate Center in Bellevue just sold for $22 million or about $436.72 per square foot to Emachu Real Estate Development in a deal that closed June 20th. The seller was T-C Ridgepointe Corporate Center LLC, associated with TIAA Consultants.
Emachu was represented in the sale by the Seattle office of CBRE.
Located at 2700 156th Avenue Northeast, the Ridgepointe Corporate Center is a Class A, 50,376 square foot office building in between Bellevue’s Overlake and Northeast Bellevue neighborhoods. The building is situated between WA 520 to the west and Lake Sammamish to the east. It’s also only a short drive to Marymoor Park.
The three-story office building, which sits on a two-acre lot, was constructed in 2002 and has since undergone a renovation to its lobby. The office building has a number of suites, some of which range in size from as little as 2,110 square feet to 8,771 square feet. They include private offices, conference rooms, break rooms, kitchens, reception areas and open space.
The office building is located just down the street from Microsoft World Headquarters, and is also close to Honeywell, Nintendo and the Bellevue Technology Center. Current tenants of Ridgepointe include First Tech Federal Credit Union, a financial consultant and an Intel office.
Bellevue has been at the center of a number of recent office building transactions over the first half of this year. In March, insurance brokerage group Parker Smith & Feek, Inc. sold two Bellevue office buildings to JB Bellewood LLC for $16 million or about $303.82 per square foot. Portland-based Deacon Corp., also sold off its 520 Corporate Center Building A to Griffin Property Holdings for $11.1 million or about $370 per square foot.
Most recently, BDR Capital sold the building that houses Windermere Real Estate’s Bellevue West office for $18 million or about $550 per square foot.
A 2017 Q1 office report from Colliers International shows the Seattle and Puget Sound office market is off to a strong start. “The Puget Sound market enjoyed the 28th straight quarter of positive absorption with 837,076 square feet, slightly up from Q1 2016 when the region saw 812,097 square feet,” stated the report. The Eastside is currently sitting at a vacancy rate of 5.7 percent, which is 1.5 percent lower than Q4 2016. Additionally, 2.9 million square feet is set to deliver in Seattle and Bellevue in 2017 and 55 percent of that space has already been preleased. Projects that are under construction on the Eastside are 58 percent leased.