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Seattle & Northwest  + Portland  + Office  | 
Eastgate Office Park

American Assets Trust Uses $125M Cash on Hand for Eastgate Buy

American Assets Trust Inc. recently acquired 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 was paid with cash on hand.

Eastgate Office Park is more than 95 percent leased to a diversified tenant base with a weighted average lease term of approximately three years with contractual lease rates the company views as below prevailing market rates for the submarket. Additionally, Eastgate Office Park recently obtained municipal approval for rezoning, increasing the floor area ratio from 0.5 to 1, which will allow for significant additional development opportunities.

The four-building property features a diverse rent roll of technology and professional services companies.

“We are thrilled to further expand our presence in Bellevue, Washington and proud to add Eastgate Office Park to our portfolio of trophy assets,” said Ernest Rady, the company’s chief executive officer and president.

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Ernest Rady

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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