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American Assets Enters Purchase Agreement for Eastgate Office Park
American Assets Trust Inc. has entered into an agreement to acquire Eastgate Office Park, consisting of an approximately 280,000 square foot multi-tenant office campus in the I-90 corridor submarket of Bellevue. The purchase price of $125 million is expected to be paid with cash on hand.
Eastgate Office Park is currently more than 95 percent leased to a diversified tenant base of technology and professional services companies with a weighted average lease term of approximately three years. The leases are at below-prevailing market rates for the submarket, according to American Assets Trust.
Additionally, Eastgate Office Park recently obtained municipal approval for rezoning, increasing the floor area ratio from 0.5 to 1.0, which will allow for significant additional development opportunities. The four-building property is located a campus setting within natural landscaping and walking trails.
The acquisition is subject to customary closing conditions.
- ◦Sale/Acquisition
