Assignment
Pacific Real Estate Partners, Inc. Investment Team was hired by TIAA-CREF to sell the two-building 143,191 SF office campus centrally located in the 520/Overlake area of the Bellevue suburban office market.
Objective
Achieve the highest sale price from a buyer with a high probability of closing without a retrade on pricing.
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Challenges
While national credit tenants occupied 75% of the project, there was significant lease rollover in the first three years of the new ownership. Investors in the changing market no longer viewed potential vacancy as an opportunity.
Results
Given the quality and location of the property, significant interest was generated and a competitive environment resulted in a trade price of $38,500,000, a price that was not retraded during the sales process.
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