CommonWealth Partners, a fully integrated private real estate investment, development, management and operating company based in Los Angeles, California, has purchased City Center Plaza in Bellevue, WA for $374.7 million, or roughly $655 per square foot. According to a Seattle Times article, the purchase price is the highest ever on the Eastside and similar to what Amazon.com is paying Vulcan Real Estate for its 11-building South Lake Union office complex. Cole Real Estate Investments sold the 583,000 square foot office tower on behalf of Cole Credit Property Trust III, Inc. The trust had purchased the property in July 2010 for $310 million from Beacon Capital Partners of Boston.
"When our experienced real estate team brought this opportunity to us in the summer of 2010, despite industry naysayers, we felt this acquisition would be an excellent fit for our growing portfolio of mission-critical corporate properties," said Marc Nemer, Cole's president and chief executive officer. "Today, not only have we seen a 21% increase in the property's value, but we were able to deliver a return of 38% on the equity invested, creating significant value in the portfolio for the benefit of our shareholders."
Located at 555 110th Avenue NE, City Center Plaza was completed in 2008 and designed by Zimmer Gunsul Frasca Partnership. The 26-story Class A office tower serves as the headquarters for Microsoft Bing, which occupies 96.3% of the building.
For more news and information visit Blumberg Capital Partners.
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