Home Commercial SteelWave Expands Portfolio in Puget Sound, Buys Portion of Corporate Campus East...

SteelWave Expands Portfolio in Puget Sound, Buys Portion of Corporate Campus East in Bellevue for $55.25MM

By Meghan Hall

The Corporate Campus East complex in Bellevue is an eight multi-building office asset located just north of downtown, near the State Route 520 and Interstate 405 interchange. A portion of the property—Buildings E, F, G and H—were sold by Boston-based TA Realty in a transaction that closed on Wednesday July 24th. Northern California-based SteelWave in a joint venture with Ares management, purchased the four building on two parcels for $55.25 million, according to King County public documents.

TA realty was represented by Newmark Knight Frank’s Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairman Nick Kucha, Executive Managing Directors Rob Hannan and Ken White, Senior Managing Director Michael Moll and Director Bill Delacy. The buyers were self-represented.

TA Realty purchased the four buildings in 2014 and adjacent parking lots for $43.4 million back in January 2014. The buildings total about 154,200 square feet and are situated on ten acres of land located at 3001, 3005, 3009 and 3015 112th Ave. NE. At the time of the 2014 transaction, the buildings were sold by The Illinois State Board of Investors. 

The property is currently 90 percent occupied by a wide range of tenants and offers a cafeteria, plazas and outdoor seating areas, as well as parking. The campus, built in the 1980s, underwent major renovations in 2015.

The acquisition is not SteelWave’s first in the Puget Sound region; the firm also owns Canyon Park Business Center in Bothell,101 Elliott and 2505 2nd Ave. in Seattle, as well as Queen Anne Square. The company, a full-service commercial, multifamily and mixed-use real estate investment company focuses on six key markets around the United States: Northern California, Southern California Denver, Seattle, Portland and Texas. Since its founding, the firm has developed or managed 6,000 multifamily units, 60.1 million square feet of industrial and 36.3 million square feet of office product at a cost of about $10.7 billion. 

TA Realty, the seller, had approximately $3.9 billion worth of assets under its management at the end of 2018, and the firm primarily focuses on medium-sized investments ranging from approximately $25 to $30 million in value. Over the course of its 30 years, TA Realty has targeted all four markets, with an emphasis on industrial, in about 35 top U.S. markets.