Bellevue-based Sterling Realty Organization acquired the Island Corporate Center located at 7525 SE 24th Street on Mercer Island for $41 million, or roughly $390 per square foot, according to public records filed with the county. The six-story, nearly 105,000 square foot property was sold by Chicago-based Walton Street Capital, which had owned the building since April of 2007, when it paid $42 million for the asset.
The property is home to Ameriprise Financial Services, Chicago Title Insurance and Schneider Electric. The building has a fitness facility on site, as well as a conference facility. The corporate suites also offer private balconies and features floor plates that average 18,000 square feet, according to the building brochure.The building is located just off of US Highway 90 and 76th Ave. SE. It is also next to a number of retail and apartment developments on the northern end of the island.
Urbis Partners, which was acquired in March by JLL, is leading the leasing on the property, and according to its web site there are four suites that are available for lease totaling just over 19,000 square feet. Asking rents range from $34 to $38.
Mercer Island is not home to many corporate office properties such as this one, and one of the the marketing brochure’s main points is the connectivity between Bellevue and Seattle. The property also provides a unique setting with views of Lake Washington and the surrounding mountains, unobstructed by other structures.
Sterling is a Puget Sound development and real estate management company that was founded in 1912. The company owns, acquires and develops high quality properties for long-term management and ownership, according to its web site. Many of our properties were originally acquired for the purpose of owning and operating movie theaters and other entertainment businesses. When those businesses were sold, Sterling retained most of the property and focused on commercial real estate development and management.
The company is active across the greater Puget Sound region with ownership in Bellevue, Issaquah, Lynnwood and Mukilteo, to name a few. It also owns properties in Portland and Spokane.