Walton Street Capital of Chicago, a private equity real estate investment firm, has sold the Symetra Financial Center in Bellevue, Washington to Sterling Realty Organization for $185 million, or about $422 per square foot. Bellevue-based Sterling Realty Organization has, since the late 1950s, owned the land under Symetra Center as well as seven contiguous acres. Tom Gilchrist, President of Sterling Realty said, "We are excited to own a Class A building in Bellevue. It complements our downtown holdings and is a natural evolution in our recent growth." Full terms of the deal and representative agents were not disclosed by either company.
Walton Street Capital originally put the property on the market in 2014 as part of a large group of office buildings in the Puget Sound region, then again as a single listing in 2015. Walton Street originally took over ownership of the property along with ten other Seattle area assets when a Goldman Sachs-sponsored commingled fund defaulted on a $900 million mezzanine loan.
"We have owned this property for a while, and we have done a great deal of work on the asset to improve it over time. We think now is a good time to be a seller. There is a great deal of demand for both from tenants looking for space and for capital looking to buy assets in the greater Seattle marketplace," Eric Mogentale, a managing principal with Walton Street, said of the property last fall.
Symetra Financial Center, formerly known as Rainier Plaza, is a 25 story office tower in Bellevue's Central Business District. Built in 1986 and designed by McKinley Architects, the glass tower at 777 108th Avenue Northeast in Bellevue boasts 445,089 square feet of space, the top floor of which was occupied by The Harbor Club until 2014. Major tenants include Symetra Life Insurance Company, TD Ameritrade, Columbia Bank, Baird, MWBoone & Associates, LLC, and North Way Investments, Inc.
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