American Assets Trust Buys an Under-Leased Office Space in Bellevue

Two, typical data points on a recent office-space sale suggest a continuing – and high – demand for such buildings. Built in the 1980s, apparently not subject to anything like a major renovation, and only 69 percent leased has sold for $45.5 million, according to a news release.

San Diego-based American Assets Trust Inc. is announcing that it has acquired Bel-Spring 520, an approximately 93,000-square-foot, multi-tenant office campus located on over five acres at 11808 Northup Way. San Francisco-headquartered Swift Real Estate Partners was the seller, according to public records.

The $45.5 million price tag is $13 million more than the space sold for in 2019.

The often-cited location near a light-rail link seems to be a factor in the building’s appeal.

Also according to the release:

The two-building property features “a campus setting in a natural landscape” and has “immediate highway access,” the release states. The property has a food market, showers and lockers, conference center, bike storage and renovated atrium lobbies, “with an opportunity to make additional improvements comparable or superior to competing office projects.”