Another Bellevue asset traded hands this week. This time it is the Trulia Center located at 110 110th Avenue NE in Bellevue, which sold for $81.5 million, or roughly $335 per square foot, to a partnership between Houston-based Lionstone and Seattle-based Talon Private Capital, according to public documents. The seller was Chicago-based Walton Street Capital, which purchased the building in April of 2007 for $80 million.
Trulia Center is located in the heart of the Bellevue’s central business district. It is a roughly 243,000 square foot building that features a number of amenities that include a conference facility, an outdoor terrace, on-site fitness center and views of Mt. Rainier, the Cascades and downtown Bellevue. The building has seven floors, with average floor plates at approximately 33, 500 square feet.
The building is approximately 85 percent occupied, with four spaces available for rent. One space is a contiguous 29,500 square foot suite on the second floor, and the other three spaces range between 1,600 and roughly 1,900 square feet. Leasing is handled by the Bellevue office of CBRE.
This transaction is the second large sale in Bellevue within the same week. Hines closed on a sale of Bellevue’s Civica Office Commons towers, a two-building, 323,562 square foot Class A office complex in the heart of the Eastside city for $192.9 million. On a per square-foot basis that figure comes at just over $596, which is considerably higher than the Lionstone/Talon per square foot price of $335.
Talon has been in the news recently with recent sales and development deals. Just about a month ago, the company, in partnership with PGIM Real Estate, formerly Prudential Real Estate, broke ground on the first phase of a mixed-used project Kirkland Urban. The 1.6 million-square-foot multi-phase development, designed by Seattle-based architecture firm CollinsWoerman and to be constructed by Minneapolis-based Ryan Companies U.S. Inc., sits on a 11.5-acre site at the corner of Central Avenue and Sixth Street at 134 Parkplace Center in downtown Kirkland, just north of Bellevue.
In September, Talon also spent $22.2 million to acquire a three-story office campus in Tukwila called Riverview Plaza from Palo Alto, Calif.-based Broadreach Capital Partners.
