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Seattle & Northwest  + Office  | 

Ares, SteelWave Snag Bellevue Campus from TA Realty for $55M

Corporate Campus East III, a four-building, 154,765-square-foot office campus in Bellevue, WA, has traded hands for $55.25 million. The buyer was a JV between SteelWave and Ares Management, while the seller was TA Realty.

Situated on 11.74 acres along the 520 Corridor at 3001, 3005, 3009 and 3015 112th Avenue NE, the campus was built in the mid-1980s and underwent a major renovation in 2015. The property is 90% occupied by a diverse mix of tenants, and offers a cafeteria, plaza, canopies and outdoor benches and seating areas, and ample parking.

NKF’s Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy represented the seller. The buyer was self-represented.

Shannon says, “The 520 Corridor is currently experiencing an incredible fundamental improvement, with a 2.5 percent office vacancy rate and minimal new product in the pipeline. The rents continue to rise due to increasing tenant demand, with no signs of a slowdown.”

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About Dennis Kaiser

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 including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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