San Francisco-based Swift Real Estate Partners sold Overlake 520 in Bellevue for $63 million. The Eastside 520 Corridor asset at 14335-14475 24th St. was reportedly acquired by New York-based Innovatus Capital Partners.
The deal works out to $432-per-square-foot and marks a 28-month investment cycle for Swift, which had acquired the asset for $45 million in June of 2018.
Swift Real Estate Partners’ Tom Harris says, “This sale is a direct reflection of the strength of the Bellevue office market. In the midst of a global pandemic, we witnessed deep demand for office space from tenants and equally impressive interest from institutional capital.”
The property consists of a pair of two-story buildings totaling 145,914 square feet. Swift overhauled the marketing strategy and raised the buildings’ physical and operational profile, resulting in a 100% leased property with a diverse roster of strong credit tenants.
Newmark’s Nick Kucha represented the seller.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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